Everyone deserves to thrive. Accessible funding for promising healthcare innovations can help to establish health equity worldwide. Investors in the global health sector gathered at the 2023 Innovations in Healthcare Annual Forum to delve into the benefits, challenges, and risks inherent in healthcare investment.
Understanding Health Equity
Health equity is rooted in the principles of social justice, fairness, and the belief that everyone should have the opportunity to attain their highest level of health. To achieve health equity, systematic barriers to healthcare access, outcomes, and opportunities must be eliminated.
Challenges to Consider:
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Regulatory Environment: The healthcare industry is highly regulated, and navigating complex regulatory frameworks can be a challenge for startups and investors alike. Understanding the regulatory landscape, compliance requirements, and potential legal hurdles is crucial for healthcare investors and innovators to mitigate risks and ensure adherence to applicable laws.
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Timeframe: Healthcare investments often require a longer time horizon compared to other industries due to factors such as rigorous clinical trials, regulatory approvals, and adoption cycles.
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Proof of impact: Innovators must be able to demonstrate and track their impact.
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Lack of business training: Innovators seeking funding oftentimes struggle with licensing agreements, negotiating contracts with governments, and banking systems.
Achieving health equity requires a collective effort from all players in the healthcare sector. By conducting thorough due diligence, staying informed about regulatory changes, and maintaining a long-term perspective, innovators and investors can carefully navigate the challenges and risks associated with healthcare innovation and have a positive impact on healthcare worldwide.
Did you find this blog helpful? Read other posts from the #IiHForum23 series:
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The Time to Act is Now on Antimicrobial Resistance, the Shadow Pandemic
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Integrated, Innovative Private Sector Approaches for Addressing Non-Communicable Diseases
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Innovation lessons from global pandemics: HIV/AIDS to COVID-19
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Strengthening Primary Care: The Foundation for Resilient Health Systems and Global Health Security
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Making progress in the use of artificial intelligence to improve health and healthcare