Scarcity Of Appropriate Talent Top Hurdle For Health Tech Startups...
healthcaretechoutlook

Scarcity Of Appropriate Talent Top Hurdle For Health Tech Startups In APAC

Healthcare Tech Outlook | Friday, April 29, 2022

The primary challenge these organizations face is finding the right talent with the appropriate skills, experience, and expertise.

FREMONT, CA: The coronavirus pandemic have had mutifarious impact on APAC's healthtech sector. The primary challenge that is repleting the sector currently appears to be is the dearth of appropriate talent. The latest white paper, titled “Asia Pacific’s Healthcare Technologies Ecosystem: Enhancing Start-up and SME success,” by Medtronic-Economist Impact indicates how SMEs can be supported to overcome the typical challenges they face in growing.

The study collected feedback from 150 senior executives of startups and SMEs across 15 markets in the APAC region. More than 50 per cent of survey respondents indicated that COVID-19 was a catalyst for improvement, implementation, and the development of innovative ideas. Businesses that have tapped into the appropriate talent pool, networks, and funding have discovered themselves with possibilities for rapid growth. However, the situation of the remaining 35 per cent of respondents was a stark contrast to this.

The remaining participants said that their businesses was stagnate due to the pandemic. While many health tech startups and SMEs have excelled at embracing and innovating new technologies, there are still many obstacles that impede the progress of companies in the health tech arena. The primary challenge these organizations face is finding the right talent with the appropriate skills, experience, and expertise. Meanwhile, scarcity of data privacy and security regulation ranks second. Other barriers raised by the participants include regulatory compliance issues, alliances and collaborations, market saturation, and established contenders. Numerous start-ups also struggle to access adequate funding and financing to execute their business ideas. Challenges related to talent recruitment, funding, and data privacy aren’t unique to the health tech industry, as other companies in several markets face similar problems.

APAC startups and SMEs are at the forefront of digital innovation in the medical and health tech sector. These organizations hold tremendous potential for enhancing the quality and accessibility of health services in the region.

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