How to Choose the Right Problem for your Healthcare Start-up to Solve

Author: MedaKi Pharma Inc.

The COVID-19 pandemic has exposed several gaps in the healthcare industry - problems that the start-up world is now attempting to address. A common mistake so often made by start-ups is their desire to tackle several pain points at once. However, that strategy not only makes it difficult to explain what the start-up's focus is, but also makes it difficult to maintain.

While it is important to learn about the breadth of inefficiencies that exist within the system and understand the biggest challenges that healthcare professionals face, it is also important to factor in the other side of the coin: the patient. Both healthcare professionals and patients have their own set of needs, and therefore, finding and creating a solution that satisfies both can become complex.

Healthcare professionals are also under heavy time constraints and, as a result, become overwhelmed. They are constantly learning new things to make sure they are delivering the best care possible when attending to patients but have a limited amount of time to learn, implement, and adapt to new technologies. Thus, the question becomes, "how can your solution help without disrupting our daily workflows?".

With a plethora of existing problems in the space, there have been many companies that have stepped up to the challenge. However, executing in this space can be very difficult due to existing barriers including, but not limited to, understanding security requirements, health data compliance and a web of rules and regulations surrounding every facet of the industry. It can take a significant period before you are able to enter the market with a possible solution. In the Canadian healthcare space, partnering with industry leaders and associating with support programs and incubators can help shorten that time. Furthermore, by absorbing the knowledge of industry leaders, understanding their experiences and being cognizant of them, start-ups can get the resources they need to get to market quickly and safely.

When applying to Ryerson Venture Zone in Brampton, we saw that one of the main components they were offering was help with customer validation, and that was exactly what we needed. Through the problem statements provided by affiliated industry partners and the design thinking course as part of the Industry Challenge, we were able to pinpoint key issues faced by the healthcare system in our community (in Brampton) and pivoted our solution to meet those needs.

MedaKi is an online platform that connects users to local pharmacies through a map-interface and allows them to order over-the-counter products such as Tylenol, Baby Diapers, and Vitamins with same-day delivery. Our platform is currently being piloted at our partner pharmacy and will be looking to expand across Canada this year.

The goal for our pilot is to obtain more partnerships with industry partners and pharmacies. By focusing on solving problems together with industry partners, we hope to make our services accessible to patients that need them the most- and by doing so, displaying the impact that young start-ups and large organizations can have when they work together. A few of our key patient groups include seniors, new mothers, individuals in quarantine, and people with disabilities. During the COVID-19 pandemic, we saw lines quickly form in front of grocery stores, banks, and most importantly, pharmacies. No senior should have to wait in line in the cold or rain, so getting our product out there as quickly and as safely as possible is of paramount importance.

As a start-up entering the healthcare space, our advice is to seek help. Working together with industry partners and getting support from programs like RVZ will open doors to a network of healthcare professionals that can help provide the direction and focus that your start-up needs.

MedaKi Pharma Inc.