Top Challenges Faced While Starting a Healthcare Startup

1. Top Challenges Faced While Starting a Healthcare Startup The healthcare industry is growing at a brisk rate resulting in developing urbanization, increasing health consciousness, and also the expenditure by the government. According to a survey, the healthcare-based segments are predicted to grow to $ 372 billion by the year 2022. Healthcare apps, online appointment services, etc. lead to a paradigm shift in the healthcare sector. However, there are many roadblocks on the road to success in the industry. In this blog, we're going to list down some of the top challenges faced by healthcare based Startup Accounting And Compliance. Privacy issues due to data With revolutionizing digital technology, healthcare startups have to face more complexity in collecting data, treatment, and analyzing an infinite amount of data. This massive amount of present data can lead to many risks, such as security and privacy. With modern-day cyber-crimes such as hacking, personal health information is current at a very potentially dangerous stage.

2. Lack of skilled workforce Every healthcare startup includes the human workforce as well and this sector is expected to produce 40 million jobs by the end of the year 2020. The need for an active workforce in healthcare startups is quite high at the moment. However, currently, the retention rate of the trained workforce is meager. Difficulties in affordable solutions In India, the healthcare industry accounts for around 3.6 percent of the country's GDP resulting in low cost and easily accessible solutions are the need of the hour. Solutions such as low-cost diagnostic kits, low-cost dialys is technology, cheaper sanitary pads, etc. require some huge investments to be made. Indeed the Indian government has taken many steps and various initiatives to help the healthcare industry with all these challenges. However, still, many faulty problems require more time and correct decisions to be made. Despite all of this, healthcare startups are growing at an exponential rate. If you're also looking to forward to integrate with this industry, then TheStartupLab can surely help you to Patent Registration Services. We're One Stop Solutions For Startups and assisting many Healthcare Startups in Delhi and Startup Funding Options in Gurgaon already. So, reach us out today and let us work as a Business Accelerator for you.