Medical Marketing and Media recently posted an article on the possible connections that could form between pharmaceutical companies and various healthcare-related startups.
If the pharmaceutical industry is looking to expand their reach and offer a more diverse set of products and services, working with new dynamic startups is a potentially powerful strategy.
Patients would benefit too, as pharmaceutical companies would be in a better position to gather insightful data from them and direct them to targeted, effective treatments that extend beyond the pill.
What qualities should you look for in a healthcare startup?
The following are just a few to consider:
Digital savvy. Some startups develop technological solutions for healthcare — for instance, a surgical device, a treatment stemming from a biotechnology breakthrough, or a reliable way of communicating with patients (such as through apps and other digital means). Even if the startup’s main line of products and services aren’t technological, the company itself should be comfortable in a digital world and capable of adapting to its rapid changes.
Regulatory compliance. The regulations a startup needs to comply with may not be the same as for a pharmaceutical company — which is one possible advantage to establishing a partnership or collaboration of some kind with them. However, you need to ensure that whatever regulations the startup must meet, it’s in full compliance. Beyond that, it should also have a strong track record for customer safety.
Their network and connections. Startups may develop an extensive network of connections with medical professionals, hospitals, and other businesses and organizations. They may also enjoy strong loyalty from their customers. Would their target customers and network of associations prove useful to you?
Given that working with a startup can broaden your customer base, expand your reach, and give you an edge over competitors, it’s a worthwhile avenue to explore. A dynamic startup could also exert a positive effect on your own innovations and refinements of products and services, increasing the strength of your brand.
Connect with healthcare-related startups at the 9th Digital Pharma Europe conference, taking place May 17-19, 2017 in London, UK at the Radisson Blu Edwardian Heathrow Hotel. Join over 200 life science leaders from across Europe and around the world who are improving customer centricity and patient outcomes through digital health and transformative initiatives. To learn more about this event please download the brochure or visit the website. Click here to register and be sure to mention Priority Code C865BLOG.
Looking for a US-based event? Be sure to check out the 8th Digital Pharma West conference, taking place June 13-15, 2017 at the Hyatt Regency San Francisco Airport in Burlingame, CA. To learn more about this event please download the brochure or visit the website. Click here to register and be sure to mention Priority Code C876BLOG.