The field of medicine has changed exponentially in the last few decades because of technological advancements. COVID and its era have also put a new spin on how we view health care. Through tech and science, prevention is now easier than before, and diagnosis of any disease more efficient. Billions of people around the world face numerous health setbacks, many of which are purely accidental, with no warning signs or patient history and probability.
My rebirth, as I term it, was also one of them. I had an accident that changed my life and my worldview of how I saw things. As a doctor, I never imagined I would go through a life-and-death situation like an accident. You look at injuries from an outsider’s view. You watch reports of incidents and never think you can be one of them. It shifted my perspective and shook me to my core.
As I watched my life on the brink, I realized how unprepared the medical and health industry can be for challenges like mine. I am aware of my privilege, and in that helpless moment, I thought what it must be like for most people facing similar accidents, coming from different economic backgrounds.
That led me to curate my own company that provides healthcare facilities and services on a business-to-business (B2B) model. I have spearheaded many projects and have been placed at many jobs, but the entrepreneur journey is very different. I think no amount of previous experience working jobs can prepare you for the actual grind as an entrepreneur. The skill set does come in handy but staying curious to learn more is key to success. I am often questioned why I left a cushy job and opted for something laden with innumerable tests, and my answer is simple. I am the kind of person that becomes restless and needs the fuelling of a new project or undertaking. I am easily bored with the mundane and repetitive.
For any start-up, the idea generation is step one, developing the model, pitch deck, and taking it up for funding for potential scale-up are the second and third, respectively. A startup is difficult to build, and the med tech is even harder, as the space is very small. The entrepreneurial journey is one that looks like an exam every day, but the reward is massive in terms of building something on one’s own and following one’s dream.
The frustration is real and moving from one VC to another can be very taxing. The other major component is revenue generation and expectations are sometimes in contrast to various very profound ground realities. Sustainability can become a key challenge, and some startups can focus on volume as compared to quality-driven business methods which can lead to failure.
Covid 19 thrust all of us in the startup ecosystem into a phase where technology and digital adoption were second nature to survival. The med tech industry found its feet, and many consultations were done online. The demand for more of the same is more pronounced than ever. But in its aftermath, an unstable economy in the country does little to help a business flourish and makes it very hard to present to investors internationally.
Government, with many of its policies, is more encouraging, but on many fronts, it needs to help startups realize their full potential. All policy frameworks geared towards strengthening start-ups must include voices from these start-ups to help make them more efficient and decisive.
The writer is the CEO of a med tech startup and a public health enthusiast.