Top Three Tips for Healthtech Startups

Top Three Tips for Healthtech Startups

Healthtech startups are one of the most rapidly growing businesses around the world. Although striving to fix the nation’s numerous healthcare problems is far from simple, the complexity of starting a business in the industry does not intimidate today’s eager entrepreneurs.

Aside from the problem, solution, market, and monetization, which are the fundamentals of any startup, establishing a healthcare business has particular challenges. It’s a highly regulated industry controlled by conglomerates, making it even more difficult for any entrepreneur to launch a successful startup.

This industry can be particularly challenging for entrepreneurs. So, we’ve compiled three tips to help you maximize your chances of success.


1. Provide an Essential Service.

Making sure you have something people need and knowing how much they’re willing to pay for it is the first step in starting a healthcare firm.

Get to know your target market and examine the difficulties they experience in their daily lives. Analyzing how your service can potentially alleviate their pain points will guide you in the right direction for your new business.


2. Secure FDA Approval Ahead. 

The FDA is known as the world’s leading healthcare regulatory agency, creating clear approval standards and making partnerships with medical companies around the world. Since getting a new product through the FDA and onto the market is every medical technology firm’s dilemma, especially for startups, involving them as soon as possible can be highly beneficial going forward.

A startup will likely come across a few lapses in developing their product and will have to make iterations as they build it along the way. With that said, startups reaching out to the FDA directly to understand what’s expected of them ahead in the process is more desirable and can further protect your business by increasing stakes for competitors looking to come up with their alternatives.


3. Consider Outsourcing.

Outsourcing critical business activities allow you to save money while focusing solely on your business and its core functions. This will also boost the flexibility with which resources can be configured to meet changing market demands.

A key concern that many entrepreneurs worry about when outsourcing is data security and privacy since it’s one of the most critical aspects when dealing with patient data in healthcare. No matter where your startup outsources, it’s vital to find a reputable service provider that complies with international data protection standards. For instance, The Health Insurance Portability and Accountability Act (HIPAA) sets the standard for sensitive patient data protection. Do your research to ensure that you only work with BPOs that put data protection as one of its utmost priorities.


Fortunately, many outsourcing destinations, such as the Philippines,  adhere to international standards in data protection and privacy. Republic Act No. 10173, otherwise known as the Data Privacy Act in the Philippines, is a law that seeks to protect all forms of information, be it private, personal, or sensitive, which assures your data privacy concerns. With the country’s rising position in the outsourcing industry, most BPOs are certified with ISO 27001 accreditation. Even smaller BPOs, such as SOPHI, comply with ISO standards and are accredited under PCI-DSS.

Establishing a healthcare startup is a risky move. As more businesses compete for funding and attention, the business environment has become more competitive. Patience, a solid foundation, and due diligence in checking regulations with the right agencies are required to cover all your bases and start your new business on the right track.

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Outsourcing—a Business’ Solution to Survival in the Midst of a Pandemic

Outsourcing—a Business’ Solution to Survival in the Midst of a Pandemic

With the global market being affected by the pandemic, entrepreneurs are now more hesitant to invest in scaling their businesses. In the latest survey by the Proceedings of the National Academy of Sciences of the United States of America (PNAS), 41.3% of businesses reported temporarily closing because of COVID-19. Business conditions continue to worsen, and survival is at risk. Here are reasons why outsourcing can be a survival plan in this pandemic.


  • Affordability – Outsourcing decreases spending compared to hiring in-house. With increasing health benefits required to attract talent, hiring additional employees onshore can rack up the costs of running your business. Outsourcing reduces the cost of manpower with a considerably lower cost of labor in BPO destinations like the Philippines.
  • Scalability – Outsourcing allows firms to grow operations to ease the burden of their workload. Almost any task can now be outsourced, and the latest software and technology are accessible online. Companies such as SOPHI, offer a wide range of services, from customer support to digital marketing.
  • Flexibility – Outsourcing providers have the ability to increase the number of manpower according to your needs. Resources can be added during your business’ peak seasons to support the demands of your customers. After which, you can easily scale back to your core team onshore when you reach the lean months.


A recent study by McKinsey & Company claimed that 90 percent of executives said they expect COVID-19 to fundamentally change how they do business in the next five years. Smart strategies are needed to get through these challenging times. Outsourcing has become a viable solution to the growing pains of many businesses in this pandemic. Combining the right strategies with the help of a reputable service provider offers a long-term plan to help businesses outlive this crisis.

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