Supporting healthcare entrepreneurs to take risks is a win for all Canadians

Most Canadians hold strong opinions as it relates to our healthcare system. There is no shortage of entrepreneurs in the Canadian tech ecosystem who demonstrate a deep passion for transforming healthcare. What happens in healthcare has real consequences, sometimes life and death. So it is no surprise that there is culturally a low tolerance for taking risks and making mistakes. 

This is what makes the industry simultaneously great and deeply messy.  Being a successful entrepreneur in any industry is tough. But too many in healthcare have tried and failed, or pivoted to other industries. We have to do better in Canada to improve the policy, skills, education and support available to entrepreneurs (beyond early stage) to build a sustainable business in this industry. In the health industry, evidence and experience matters.
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Real, sustainable change in healthcare requires patience, passion and focus. Most early career professionals who I meet are drawn to healthcare because of personal experience and a desire to be involved in an industry that matters. They also want to work and ideate in environments where they can be involved in making meaningful improvements. But so many who have been drawn to private sector healthtech companies have been deeply disappointed that these ideals and growth expectations have not materialized. It’s tough to succeed in this industry.

If we are truly committed to transformation in healthcare, we should consider the following:
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- More private sector participation in the Canadian health system (currently, approximately 30% is paid by the private sector). The pressure to succeed commercially incentivizes organizations to develop solutions that the industry will adopt and be willing to pay for.
- Establishing incentives that ensure quality of care is not compromised for profits.
- Accelerate modernizing governance & procurement in healthcare to so there are fewer barriers to commercial success for health system innovators.
- Greater focus and support for mid / later stage companies to help ensure they can scale within and beyond the Canadian market.

While not an exhaustive list, strong leadership with a willingness to take risks is required. We must also be bold and intentional in how we support entrepreneurs entering the healthcare landscape in Canada, or risk losing the potential for sustainable, transformative change.