The challenges facing health tech startups and how Netooze can help
Thousands of startups are creating products, gadgets, and services to track and analyze health data.
Netooze cloud reviews three health tech firms to learn the most prominent difficulties and how the proper technology partner can help.
Healthcare is one of the most regulated businesses, with significant fines and even imprisonment for directors who don't follow laws dictating where health data can be stored, how it must be managed, and who can access it.
There are no global standards for patient data, and governments update and add regulations. Some regulations are healthcare-specific, but others cover data protection and citizen privacy.
As stated by Mariana Caillaud, the CEO and founder of Dolipharm understanding the market and ensuring your product, data storage, and security practices are compliant is one of the most important aspects to get right. "It's challenging to be a startup in the health tech industry because the market is complex, fragmented, and immature. It's hard to forecast and understand.
In the UK, all health data belongs to the individual, says Dr. Shanil Mantri of Miicare. Citizens have a right to see their data even if they don't have direct access. Mantri said they could have it deleted if they contest it.
Patrick Palacin, co-founder of Germany's iAtros, thinks expanding to another country might be risky. The company desired Swiss operations. The medical system was different, but the language wasn't.
Palacin: "We're growing into Switzerland, where they speak German but utilize different prescription databases, ICT10 databases, and data privacy legislation."
iAtros adapted 50% of its product before moving. "Europe isn't one-size-fits-all. You must check 28 countries' regulations. Healthcare is complex, said Palacin.
Trust, security, privacy
Hackers target patient data because it's private and valuable. Forbes projected that more than 31 million medical records would be hacked in 2020.
iAtros' Palacin says startups must comply with all target markets' security policies. Data security regulations vary by country. Some nations accept ISO 27001 for cloud, while others want C5 certification. C5 is unrelated to healthcare, but healthcare organizations must observe it.
Palacin hopes for an EU-wide healthcare law, but for now, it's easier to use a recognized cloud partner. It would be easier to host data with a certified cloud provider.
Miicare's Dr. Mantri says another risk is ensuring data is correct and cannot be manipulated. This prevents erroneous data from being utilized to create a harmful diagnosis, endangering a patient's life.
"If you develop a movement-tracking gadget, is the data accurate? Mantri asked, "How certain can a clinician be that it's correct?" "In non-healthcare industries, the same mistake doesn't entail the same risks," he continued.
Investments, financing, innovation
Caillaud of Dolipharm says that innovation is crucial with so much attention on healthcare. "Raise money now. Post-Covid, a wake-up call to improve health and build international solutions." In 2021, venture capital for healthcare broke records, raising about $40 billion, more than double the previous year.
"Half the deals are early-stage startup development. She said this suggests investors wanted the next great invention.
Foreseeing the type of products needed and the legal requirements for providing them is difficult because the market and products evolve so frequently.
Netooze cloud's advantages
Netooze cloud offers innovative enterprises stable cloud environments. Numerous small enterprises, particularly in the health IT sector, have benefited from the company's startup program.
ItchySilk is delighted with Netooze cloud's technical support, especially for health tech enterprises. "Regardless of the cloud provider, you simply receive basic support," he stated. "It's awesome that Netooze cloud can serve startups so well."
Netooze cloud has global representatives who regularly contact startup members. The business will concentrate on this in the months and years to come.
Netooze cloud can help you build local contracts to ensure compliance. As a European firm, Netooze cloud does not transmit any data to the US to provide our customers are GDPR-compliant.
Healthtech is a fast-growing market with niche potential. Healthtech is Netooze cloud's key strategy.
Netooze® is a cloud platform, offering services from data centers globally. When developers can use the straightforward, economical cloud that they love, businesses expand more quickly. With predictable pricing, thorough documentation, and scalability to support business growth at any stage, Netooze® has the cloud computing services you need. Startups, enterprises, and government agencies can use Netooze® to lower costs, become more agile, and innovate faster.