The failure rate for healthtech companies can vary depending on the stage of development and the specific technology or product. However, in general, the failure rate for healthtech startups is high. According to a 2019 study by Rock Health, a venture fund for digital health startups, about 75% of healthtech startups fail. This is higher than the failure rate for startups in other industries, which is estimated to be around 60-70%.
It is better to know what you're dealing with than be surprised halfway through the act 🤔
Healthcare innovators often face a number of obstacles, including:
Lack of funding: Developing new healthcare technologies and treatments can be expensive, and obtaining funding can be a major obstacle for healthcare innovators.
Regulation: The healthcare industry is heavily regulated, and navigating the various laws and guidelines can be difficult for innovators.
Clinical trials: Conducting clinical trials to test the safety and efficacy of new treatments can be a long and complicated process.
Reimbursement: Getting insurance companies to reimburse patients for new treatments can be a challenge, especially if the treatment is considered experimental or unproven.
Adoption: Even if a new healthcare innovation is effective and affordable, it may not be widely adopted if it is not perceived as being necessary by healthcare providers or patients.
Resistance to change: Healthcare systems and providers can be resistant to change and may be unwilling to adopt new technologies or treatments.
Intellectual Property: Securing the rights to the invention and protecting it from being copied or stolen can be a challenge for healthcare innovators.
Sounds daunting, I know. Is it worth giving up? Of course not! Remember that despite all the challenges, your innovation could be one reason why someone was healed.
Keep that in mind and carry on ✨