Paul: It’s Paul.

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Florin: It’s Florin. What are we diving into today? I think we should tackle some health tech startups and discuss the health tech startup obstacles that founders face.

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Paul: While enjoying a V60 with Burundi from Square Mile Coffee in London.

Florin: Oh, Square Mile. This episode is going to be as rich and complex as this coffee.

Paul: Definitely! So, are you thinking about entering the health tech industry?

Florin: I’d love to, but as I was brainstorming, I realized I need your input. You’ve got some experience in this area, right?

Paul: Yes, but the first question is, does a health tech startup need to sell?

Florin: Not necessarily. I’m just curious about what it takes to start a health tech startup. It seems like all the cool kids are doing it. What’s your take on the health tech startup obstacles?

Paul: Many people think it’s a goldmine, but before the money comes, there’s a lot of suffering—if you’re doing it right.

Florin: Exactly. Health tech seems to be more complicated than starting a SaaS business, right?

Paul: Look at us—we were three programmers with high hopes in health tech. Fast forward three years, two of us are working in software companies, and our health tech startup is nearly dead.

Florin: That’s rough. What challenges did you face?

Paul: We initially aimed to create a WhatsApp for medical advice. Sounds simple, right? Just a chat app with some privacy features.

Florin: But it wasn’t that easy, was it?

Paul: Not at all. In health tech, you don’t start with the product; you start with research.

Navigating Health Tech Startup Obstacles

Florin: What kind of research?

Paul: Definitely research in the medical field, but also legal research. You need to understand what’s allowed, how to protect yourself and the doctors, because they’ve spent years studying and one misstep could ruin their careers.

Florin: So the first question is, can a medic use this app without repercussions?

Paul: Exactly. It’s about whether their practice is legally protected. For example, with hardware in healthcare, it’s even more complex.

Florin: And what about marketing? How do you approach it without crossing legal boundaries?

Paul: You want to market it as the best medical service without actually calling it that, because legally, you might be opening a can of worms.

Florin: That seems tricky.

Paul: It is. For instance, in Romania, even using the term “patient” carries legal implications.

Florin: Really?

Paul: Yes, because calling someone a patient gives them specific legal rights. So, what do you call them? Users.

Florin: But isn’t that a bit of a grey area?

Paul: It is, but it’s necessary. Regulations are there to protect everyone, and in health tech, you can’t just sidestep them.

Florin: And these regulations vary from country to country, right?

Paul: Exactly. What works in the U.S. might not work in Romania. The legal landscape is one of the major health tech startup obstacles.

Florin: So, you’re saying that even if the idea works in one country, it might not in another because of different laws and practices?

Paul: Precisely. And this affects everything from how hospitals operate to how you price your product.

Florin: That sounds daunting.

Paul: It is. Plus, you need more than just a technical team—you need legal experts, medical experts, and sales professionals.

Florin: Sales? Why?

Paul: Because at some point, you might need to sell your product to clinics or hospitals, and that requires connections and expertise.

Florin: And if you’re a developer, you likely don’t have those connections.

Paul: Exactly. You need someone to bridge that gap.

Florin: So, you’re saying a successful health tech startup needs a strong team with diverse expertise?

Paul: Absolutely. You can’t just rely on being a great programmer; you need medical, legal, and sales experts too.

Florin: That makes sense. Even with medical knowledge, you still need experienced professionals to ensure everything is legally and ethically sound.

Paul: Or you risk major pitfalls. Some founders pay consultants with equity, but you need to be sure they actually have the experience to back up their advice.

Florin: So, it’s easy to fall for flashy presentations?

Paul: Yes, many young founders do. They see someone who’s everywhere—speaking at events, on every panel—and assume they’re the real deal.

Florin: But they might just be a serial PowerPoint presenter.

Paul: Exactly. And that’s why choosing the right team is crucial.

Florin: So, what’s the ideal team for overcoming health tech startup obstacles?

Paul: You need a medical expert, a legal expert in the medical field, a technical lead, a sales professional, and someone with strong product management skills.

Florin: That’s a lot more complex than most startups, where a couple of skilled people can get you started.

Paul: Indeed, but in health tech, you need this dream team if you don’t want to end up just pitching slides without a real product.

Florin: And remember, nothing we discussed here is legal, medical, or any other kind of advice. We’re just sharing our experiences.

Paul: Exactly. But if you found this helpful, you can always buy us a coffee.

Florin: See you next time, maybe with a PowerPoint presentation on avoiding health tech startup obstacles!