Hussein Adot
Entrepreneurship is at the heart of medicine. At every turn, long-standing health problems call for solutions, new clinical challenges demand attention, and patients demand more effective health practices. Entrepreneurial physicians are well positioned to provide these solutions and stand to profit from doing so, but not necessarily from the bedside.
Private practice is a great way to get started
Medical entrepreneurs can escape the drudgery and disillusionment that characterizes government-funded hospital work by going into private practice. Turning to entrepreneurship allows doctors to regain some fun and control over their careers. In private practice, they can expand the options they can offer patients, invent new solutions, and customize their products and services in ways that better serve their patients’ needs.
The outlook for success of private clinics in Nigeria is bright. Well-known private hospitals such as EKO Hospital, Seda Crest Hospital and Lagoon Hospital are exemplified in this success. Other hospitals are springing up in smaller locations, taking small but steady steps towards the pinnacle of medical entrepreneurship.
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New doctors can also use this tradition to fill gaps in the country’s health services and benefit themselves.
It doesn’t have to be a clinical training.
Private practice is not necessarily the same as holding clinical sessions, making ward rounds or performing surgeries. You can make money in medicine without having to wear scrubs and a coat or use a scalpel or stethoscope. Think Crestview or The Flying Doctors.
Crestview has been successful in building a chain of well-managed, top-quality diagnostic laboratories across the country and is just one of many successful laboratory chains in Nigeria. Dr. Ola Brown founded Flying Doctors in 2007 to be Nigeria’s first air emergency services company. If you are interested in laboratory medicine or emergency medical services, Crestview or Flying Doctors are exemplary companies to emulate.
Consultant…but not a clinic
In addition to practicing medicine, doctors can use their intellectual property to provide consulting to start-ups, organizations, manufacturers, governments, NGOs and even multinational corporations.
Companies looking to develop new medical or healthcare products can leverage your expertise to validate their own strategies and offerings. Multinational companies will benefit from your expertise when investing in your field. This way, you can position yourself as an expert to take advantage of a wide range of consulting opportunities.
Invest, invest, invest
If you’re making money in other fields but still want to make more in healthcare, you can invest in promising healthcare startups and use your medical experience and entrepreneurial acumen to guide them into profitable ventures. That’s what Dr. Ola Brown (yes, that’s Dr. Ola Brown of Flying Doctors) is doing with Greentree Investment.
Profitable. Greentree has invested in PayStack, a leading Nigerian fintech company. There are other pioneering companies in the firm’s portfolio, but this is just the beginning. As more innovative entrepreneurs enter the Nigerian market, Greentree will have more profitable ventures to invest in.
The key to successful investing is to develop a keen eye for well-organized startups, especially healthcare startups, and keep working at it until you see a healthy and consistent return on your investment.
Are you a technical person?
Advances in information technology have also opened up exciting vistas of opportunity for healthcare entrepreneurs. You may not need to have a stethoscope hanging out 24/7 to succeed in the rapidly evolving world of technology. You can call yourself a “tech buddy,” “tech doctor,” “tech doctor” or whatever cool phrase piques your interest.
Physicians are now venturing into new territories to engage with patients and deliver new solutions, from mobile applications to software, the Internet, and dizzying innovations in artificial intelligence and machine learning. With apologies to the fathers of medicine, medicine is no longer “at the bedside.” We now have telemedicine, virtual reality therapy, virtual consultations, remote patient monitoring, and more, all waiting for aspiring physicians to capitalize.
From doctor to medical content creator
Doctors can be creative and pursue their passions outside of clinical practice. Take medical content creation for example. Dr. Chinonso Egemba, also known as Aproko Doctor, has turned medical infotainment into a sport with simple, short videos on common medical topics. While he is cashing his fees in the bank, people are learning about health and medicine. His work is a role model for creative doctors.
You may not become the next Aproko Doctor, but you can get your name out there first and make a living creating important medical content. If you have a large social media following, you could become a high-paying influencer promoting brands and projects.
What are the latest health and medical updates?
If you’re good at writing, medical journalism, medical writing, blogging, podcasting and publishing are exciting ways to earn a good income. You can shape the health and medical narrative through your writing, commentary, analysis and research.
Take Nigeria Health Watch for example – a leading and well-respected health media and advocacy company in Nigeria. There is plenty of room for new entrants.
Medical entrepreneurship is about filling unmet health needs
As an enterprising physician, you can’t take every opportunity. Our responsibility is to identify needs and develop cutting-edge products and services that improve patient outcomes, reduce costs and enhance the overall quality of care.
By identifying unmet needs and developing innovative solutions, you can help reduce healthcare costs, improve patient engagement, and increase efficiency across the healthcare system – impacting the field and leaving a legacy that extends far beyond clinical practice.
Should we move to a conference room?
Moving from the relative safety of bedside medicine to the thriving but volatile boardroom of a medical entrepreneur is a leap that all physicians should consider. It’s risky, to be sure. It’s difficult, to be sure. But it can also be rewarding, impactful, and fulfilling.
If you have the skills and fortitude to take the leap and succeed as a physician-entrepreneur, take the plunge. If you don’t, upskill, do an MBA program, or get mentored by an established physician-entrepreneur. Network, build connections, and gain experience. The boardroom is waiting for you.
