The Hidden Challenges Of Health Startups
While trust and confidence is at the core of the issues, there is something more to it, which is way more challenging for the start ups. Have a look at the hidden challenges health startups have been facing for years
We all know that change is the only constant, but to be a part of change, it is important to be prepared to face the consequences along with the perks that they offer. When it comes to a healthcare startup, it is more about consequences than perks and experts feel that it is a sheer result of excessive marketing and advertisement policies that have been revamped over a period of time. While trust and confidence is at the core of the issues, there is something more to it, which is way more challenging for the start ups. Have a look at the hidden challenges health startups have been facing for years
It is considered as one of the slowest and crucial part of any new health startup. For people, using brands for healthcare, they are synonymous to care and trust and when new companies land in the market, they are looked upon as competitors and for people it is not easy to trust new brands . It takes years to build that trust and till that time surviving in the market, maintaining expenses and at the same time extensive marketing and advertising becomes a deal to handle.
For any start up, growth is a slow process and it is directly proportional to trust that the target audience reflects. If the brand is trusted by people easily, the growth graph shows positive results and when the trust is not build, all the effort is a waste. Also, in the competitive healthcare world, where every brand has the same motive, growth is also dependent on the way you hit the mindset of target audience. For instance, a brand dealing in kids’ healthcare needs to reflect and offer things that make a mother feel connected and then only she will buy your product.
When it comes to any start up, investment is inevitable and with rules and regulations investment deals and options from angel investors, venture capitalists, series funders, and other non-dilutive sources of funding, especially at the initial stage becomes a tough task. And when it comes to healthcare startup, they face a steeper adoption curve for their technology as well as have difficult negotiations with the bigger corporate while licensing deals/trajectories.
Failing to Deliver as Expected
At times, marketing, advertising and communication team builds a superficial brand image, just to be visible and mark a presence in the market, but at the core, they know what we are promising is unreal and with time they fail to deliver the same and that is where the downfall starts. When it comes to healthcare products, there are times when things are deadly and have severe after effects which may even cause death of a person, in such cases companies dissolve immediately with no future in the market. So, it is always suggested to be real and practical when it comes to healthcare startups.
Ineffective Resource Utilization and Personnel Training
For the effective deployment of healthcare technology and delivery, it calls for proper, sustainable, and cost-effective resource utilization, including medical personnel and patients training for remote operations and digital deliveries. Due to unawareness and being in the nascent stage , proper uptake and directed training are not applied in an efficient manner and that raises question on the very survival of the company.
Lack of Knowledge
For many of us, there are healthcare brands we have build with firm trust and if something new in terms of natural care and Ayurveda is brought in picture, we find it difficult to trust and unbelieve them and that adversely affects the survival of even genuine brands. For instance, Zyropathy is a science of health care that focuses on removing the root cause of disease than just suppressing the symptoms. Due to overpowering presence of Allopathy , people find it difficult to trust the new change. The former is so strongly embedded in the minds of people that they have been trusting it for decades, without knowing the fact that it has severe side effects.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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