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What Health-tech startups can do to Put Patients First !


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Health tech startups need to be patient-centric !

Published in: Health & Medicine
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What Health-tech startups can do to Put Patients First !

  1. 1. Putting Patients First – The role of Digital Health
  2. 2. Where are the healthcare startup success stories ? • No Olas and Flipkarts in the digital health world so far • Practo has been richly funded, but where’s the ROI for the investors ? • Or for the patients and doctors ? • No change in quality of medical care
  3. 3. Why health-tech startups fail so often • Techies in search of a problem to solve • No doctors on their team • Not enough understanding of unmet clinical needs • Want doctors to change their behaviour and workflow • Treat doctors as dinosaurs
  4. 4. Hope, hype and harm • Engineers fall In love with the newest shiny new object • Doctors have burned their fingers in the past – don’t trust engineers • Think they don’t understand anything about patient care
  5. 5. Doctor vs Engineer Bridge the gap ! • Doctors are conservative – if it’s not broken, why fix it ? Cannot afford to experiment with our patients ! • Engineers want to break stuff and put it apart again - but not at the expense of patients !
  6. 6. The promise of digital health startups • Healthcare is broken • Startups can improve existing diagnostic, treatment, and monitoring processes • Help healthcare become more accessible, available, affordable, accurate, and personalized
  7. 7. The 4 Ds of medical device innovation ( BETIC, IIT) • Define unmet clinical needs • Design prototypes in the MICE lab • Deliver to the bedside • Deploy in the market
  8. 8. Entrepreneurs need to be empathetic
  9. 9. Pathography HELP –
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  11. 11. Doctors and startups! Doctors can play 3 roles • 1. As angel investors • 2. As entrepreneurs • 3. As customers
  12. 12. From IVF specialist to Angel Investor !
  13. 13. My journey • On the Board of IKSHealth ( a Rakesh Jhunjhunwalla company ) 10 years ago • My daughter worked in impact investing and did her MBA from Stanford • Joined Mumbai Angels – an angel network • Now do it through my Family office, Solidarity
  14. 14. Reinventing myself – learning to become an angel investor • Easier today, thanks to the internet ! • Share my experiences on LinkedIn. Have 90000 followers today • Learn a lot daily • Get to broaden my horizons – the world is a fascinating place !
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  16. 16. Our approach • To be founder-friendly. Respect entrepreneurs • Frugal Innovation • Say No quickly • Have a well defined Investment thesis • Try to be open and transparent
  17. 17. Whom do I fund ? • Need to fall in love with the team • LOI vs ROI • Integrity, Curiosity, Humility • Willing to teach – and to learn • Paying customers
  18. 18. Our process • Back the entrepreneur • Soft corner for failed entrepreneurs • Women entrepreneurs • Social impact investing ( edutech and healthcare) • Domain agnostic
  19. 19. After signing the cheque • This is when the hard work starts ! • Need to be actively engaged • Monthly MIS • Governance and accounting • Introductions to other investors and founders • Help only when asked !
  20. 20. Angel investing will not make you rich ! • Illiquid asset class. Need lots of patience • 80% of startups fail • Only invest money which you can afford to lose without losing any sleep over • Have realistic expectations ! • LOI > ROI
  21. 21. Principles of angel investing • Portfolio approach • Join a network • Read about angel investing • Not a “ get rich quick” scheme – do your homework !
  22. 22. Why I enjoy being an angel investor • Makes you optimistic. More hopeful about the future by connecting with bright young ambitious entrepreneurs • Can contribute to the next generation • Networking opportunities • Reputation • Helps you remain young because you learn all the time
  23. 23. Why doctors make good angel investors • Empathy ( as a clinical skill) • Domain expertise in healthcare • Brand ambassador and evangelist • Lots of good will in the community • Doctors in private practice are entrepreneurs too • Become a better doctor too because your business sense improves
  24. 24. Why doctors find it hard to become entrepreneurs • Not good at being team players – want to be captain of the ship • Not taught to tinker – just learn to cram facts • Few role models to emulate • Find it safer to be conventional and to start a clinic • Lost opportunities !
  25. 25. Ideas, Implementation and Funding • Ideas are a dime a dozen. Don’t fall in love with your ideas – most are bad ! • Generate lots of ideas ! This improves your chances of stumbling on the right one • Don’t worry anyone will steal your ideas. Share them and ask for criticism, so you can polish them ! • Passion is necessary but not sufficient
  26. 26. The doctor as entrepreneur • Be willing to take calculated risks • Be prepared for failure • Learn to be resilient • Ask your patients for help ! • Can be a great journey - will teach you a lot about yourself – and about the world !
  27. 27. Key ingredient for success – Learn! • To sell. Learn to tell stories • To lead a team • To get your hands dirty • To be patient and persistent • Work in a startup – the best way to learn a lot very quickly ! • Play to your strengths
  28. 28. Bootstrapping • Proves you can implement ! • Shows faith in yourself ! If you don’t invest in yourself, why do you expect investors to ? • Guerilla marketing • Your customers are your best source of funding ! • If you can get paying customers, the investors will follow !
  29. 29. Books for Entrepreneurs • Financial Intelligence for Entrepreneurs by Berman • Hot Seat by Dan Shapiro • Disciplined Entrepreneurship: 24 Steps to a Successful Startup by Bill Aulet • Bootstrapping your Business by Greg Gianforte
  30. 30. The doctor as a customer of a healthcare startup • Give young entrepreneurs a chance • You can learn a lot from them ! • Be willing to be a beta tester – be forgiving of false starts and failures • Can help to guide them ! • Can invest in the ones you admire
  31. 31. Doctors need to partner with entrepreneurs • You can mentor healthcare startups • Help you to remain on the cutting edge of medicine !
  32. 32. How can we help doctors to become more innovative ?
  33. 33. Hospitals are where the patients and doctors are ! • Allows for cross-disciplinary collaboration. • Medical students can talk to engineers, senior doctors and designers under one roof • Perspectives from different fields could be blended together to create brand new solutions which are co-created for Indian conditions. • Inputs from patients and caregivers
  34. 34. Innovation should start from the bedside ! • Easy access to patients • Senior doctors will provide guidance and mentorship. • Doctors understand the pain points of patients, so that the solutions they provide will be practical and feasible, and can be implemented easily in India.
  35. 35. Catch them young !