75% of MedTech start-ups fail within the first three years.
90% of Biotech start-ups will fail by the time they reach the clinical trial stage.
On one hand seeing these numbers for the first time can be disheartening, knowing that start-ups face such an uphill battle. On the other hand though, for many innovators, such numbers bring clarity, focus and fuel to address that commonly asked question "𝐖𝐡𝐚𝐭 𝐢𝐬 𝐲𝐨𝐮𝐫 𝐰𝐡𝐲?"
We know that healthcare is both 𝐜𝐨𝐦𝐩𝐥𝐞𝐱, and 𝐟𝐫𝐚𝐠𝐦𝐞𝐧𝐭𝐞𝐝.
𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐧𝐲 𝐫𝐞𝐚𝐬𝐨𝐧𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:
→ Lack of product – market fit. Focusing solely on a technology that simply does not address a clinical unmet need.
→ Not understanding clinical workflows. Healthcare professionals are not the only end user, but they are certainly important players in the ecosystem. Involving them is critical.
→ Not delivering beyond the prototype. Ensuring that products are both replicable as well as affordable particularly when scaling is important.
→ Overlooking the payment, reimbursement, and regulatory dynamic. It is often far more complex than anticipated. It requires deep domain expertise and knowledge.
→ Not recognizing that each market is unique and different. If the needs and market nuances are not captured, it will limit the product in terms of market entry and penetration.
𝐈𝐭 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐬 𝐚 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡. One where all stakeholders play a part in moving healthcare innovation forward. With Discovery, the team have built an online community and marketplace that connects the entire ecosystem; so, whether you are an innovator, distributor, investor, advisor, there is something for everyone.
The quote below embodies the spirit and mindset of many of the founders / innovators we have the privilege to interact with on a daily basis. 𝐈𝐭 𝐢𝐬 𝐭𝐡𝐞𝐢𝐫 𝐰𝐡𝐲, 𝐭𝐡𝐚𝐭 𝐠𝐢𝐯𝐞𝐬 𝐦𝐞𝐚𝐧𝐢𝐧𝐠 𝐭𝐨 𝐨𝐮𝐫𝐬.
"𝐉𝐮𝐬𝐭 𝐛𝐞𝐜𝐚𝐮𝐬𝐞 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐢𝐬 𝐝𝐢𝐟𝐟𝐢𝐜𝐮𝐥𝐭 𝐢𝐭 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐦𝐞𝐚𝐧 𝐢𝐭 𝐬𝐡𝐨𝐮𝐥𝐝𝐧'𝐭 𝐛𝐞 𝐝𝐨𝐧𝐞."
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