innovation and entrepreneurship in the healthcare sector, from idea to funding to launch by
Dr. Luis Pareras
My Forward to the book:
It has become apparent to me that many physicians and healthcare providers understand that the world in which they live is privileged territory. Improvements in science and technology are constant and, as physicians, we have the luxury of having a front row seat. Our chosen profession is based upon healing and helping, and for many of us our minds wander on how we can improve doing just that. We muse on how we can heal better, how we can do a better job, how we can do the job more efficiently. We strive for improving lives (and our own lives) in the process.
It would be hard to find a single thoughtful physician who has not come up with a better way of doing something – an improved instrument, a new way to measure a clinical finding, a new use for an existing product, a brand new idea for a new technology or device, a new research angle. In our daily lives, we know exactly what works for us. And, what works for us may likely prove valuable to others. It is natural for us to think of creating a product or service, and many healthcare providers do just that. Many of us do research and launch new and innovative products or services. A number of us, who reach the market with their products, are successful…but many more fail along the way. The difference between those physicians who pursue their ideas and succeed, and those who don’t – is discovering how to approach and overcome the many barriers that stand in the way.
This book, Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch is destined to become a classic and a lifelong resource and my many thanks go to Dr. Luis Pareras for writing this book. The Pareras book is just what the medical profession needs at this moment in time. So much is changing around us and everywhere we look there is fertile territory for new ideas. Perhaps it comes from a convergence in technology; perhaps it is from the tidal wave of changing roles we play as healthcare professionals; perhaps from seeking incremental performance improvement; or perhaps even the changing payer structure and incentives giving rise to these new opportunities. Unfortunately it’s not as easy as just having a good idea. I wish it were. Physicians and healthcare leaders need to fully investigate the thinking behind becoming an entrepreneur. My advice is to do this thoroughly before there is an investment of any money other than this book.
This book is a road map from the idea to the launch of your medical innovation. Dr. Pareras covers the basic principles of entrepreneurship, explains the nuances of the healthcare value chain, guides the reader on how to structure the idea, how to write the business plan and marketing plans, and how to put together a stellar team of people to work on the business. He then takes the reader through the world of venture capital, investors, and deal structures, unfamiliar territory for many physicians and healthcare providers. Lastly, he provides a detailed discussion of marketing, financing, financial projections and cash flow. The rewards for a successful innovation can be sweet, but the failures are worth considering. Ultimately, this guide is what you need to help you in the decision of whether you should be pulling the trigger to go after that idea. Great luck to you, and let me know what I can do to help.
Ps. To me the sequence is: don’t leave your day job, but do - research your passions and the associated peripheral industries; research these topics in detail and make connections in that space (using common tools such as linkedin); vision for yourself the future of that industry and make predictions on how it will evolve towards disruption; learn how to purchase domain names and make a simple website (drag and drop versions) to communicate your ideas when ready; consistently think of as many good ideas as you can and refine your thoughts; dig into the idea and begin presenting to friends and colleagues (if it resonates and is novel now might be good time to get a provisional patent); make a folder of this idea to capture research; move towards prototyping and do it early and often even if only in animation; think about potential partners and have them sign a non disclosure agreement if possible before presenting; if you get stuck work on a new one in related way and wait for the ideas’ time to come; have fun in the process of creating your ideas and engage in your network of innovative friends that come your way.
It has become apparent to me that many physicians and healthcare providers understand that the world in which they live is privileged territory. Improvements in science and technology are constant and, as physicians, we have the luxury of having a front row seat. Our chosen profession is based upon healing and helping, and for many of us our minds wander on how we can improve doing just that. We muse on how we can heal better, how we can do a better job, how we can do the job more efficiently. We strive for improving lives (and our own lives) in the process.
It would be hard to find a single thoughtful physician who has not come up with a better way of doing something – an improved instrument, a new way to measure a clinical finding, a new use for an existing product, a brand new idea for a new technology or device, a new research angle. In our daily lives, we know exactly what works for us. And, what works for us may likely prove valuable to others. It is natural for us to think of creating a product or service, and many healthcare providers do just that. Many of us do research and launch new and innovative products or services. A number of us, who reach the market with their products, are successful…but many more fail along the way. The difference between those physicians who pursue their ideas and succeed, and those who don’t – is discovering how to approach and overcome the many barriers that stand in the way.
This book, Innovation and Entrepreneurship in the Healthcare Sector: From Idea to Funding to Launch is destined to become a classic and a lifelong resource and my many thanks go to Dr. Luis Pareras for writing this book. The Pareras book is just what the medical profession needs at this moment in time. So much is changing around us and everywhere we look there is fertile territory for new ideas. Perhaps it comes from a convergence in technology; perhaps it is from the tidal wave of changing roles we play as healthcare professionals; perhaps from seeking incremental performance improvement; or perhaps even the changing payer structure and incentives giving rise to these new opportunities. Unfortunately it’s not as easy as just having a good idea. I wish it were. Physicians and healthcare leaders need to fully investigate the thinking behind becoming an entrepreneur. My advice is to do this thoroughly before there is an investment of any money other than this book.
This book is a road map from the idea to the launch of your medical innovation. Dr. Pareras covers the basic principles of entrepreneurship, explains the nuances of the healthcare value chain, guides the reader on how to structure the idea, how to write the business plan and marketing plans, and how to put together a stellar team of people to work on the business. He then takes the reader through the world of venture capital, investors, and deal structures, unfamiliar territory for many physicians and healthcare providers. Lastly, he provides a detailed discussion of marketing, financing, financial projections and cash flow. The rewards for a successful innovation can be sweet, but the failures are worth considering. Ultimately, this guide is what you need to help you in the decision of whether you should be pulling the trigger to go after that idea. Great luck to you, and let me know what I can do to help.
Ps. To me the sequence is: don’t leave your day job, but do - research your passions and the associated peripheral industries; research these topics in detail and make connections in that space (using common tools such as linkedin); vision for yourself the future of that industry and make predictions on how it will evolve towards disruption; learn how to purchase domain names and make a simple website (drag and drop versions) to communicate your ideas when ready; consistently think of as many good ideas as you can and refine your thoughts; dig into the idea and begin presenting to friends and colleagues (if it resonates and is novel now might be good time to get a provisional patent); make a folder of this idea to capture research; move towards prototyping and do it early and often even if only in animation; think about potential partners and have them sign a non disclosure agreement if possible before presenting; if you get stuck work on a new one in related way and wait for the ideas’ time to come; have fun in the process of creating your ideas and engage in your network of innovative friends that come your way.
