Today, the US healthcare industry has grown substantially into a sector that commands over $3 trillion annually. According to date from analysts, the Federal government of the United States spends well over $9,237 per an individual for healthcare alone. This figure is triple what most fast developed countries spend on their citizens. Much as the spending is high, it has not resulted in better outcomes compared to other nations.
The challenges that are hindering progress in the healthcare sector require a different approach to be solved. Entrepreneurs with little experience in the profession of medicine hold the potential of transforming this industry. If we examine an entrepreneur like John Crowley, we draw lessons from his business model. Crowley established Amicus Therapeutics when he realized there was a gap in the healthcare industry. Crowley’s decision was informed by the need to find a cure for his children who were diagnosed with Pompe disease. His decision ultimately saved the children.
A substantive percentage of the entrepreneurs working in the healthcare sector will cite personal challenges as the motivation to join the industry. We have encouraged more investors to join the bandwagon for the common good. Vast opportunities in this sector are undiscovered.
Most entrepreneurs hold back from joining the industry because they don’t understand the problems in healthcare. Those who know the challenges don’t know where to start. For all the money set aside, the sector remains mostly abandoned by the wealthy class. Strict regulations and retrogressive politics are rampant in the healthcare sector. The industry is far from what many will call a free market.
To solve all these problems, stakeholders in the sector have to champion a paradigm shift. More investors need to be encouraged to devote their money to healthcare. The stringent regulations need to be reviewed.
One of the few entrepreneurs who’ve discovered opportunities in healthcare includes Drew Madden. A graduate of the Iowa University, College of Engineering, he has carved his niche in the corporate sector.
Drew Madden has overarching interests in healthcare information technologies. He has specialized in creating organizations with unique enterprise cultures and high-performance teams. Currently, Drew serves as a managing partner at Evergreen Healthcare Partners.