Do you know that there are a lot of profitable business opportunities in the healthcare sector? Both medical and non-medical services? Are you interested in doing business in the healthcare industry but you don’t where to start from? Then this article is for you.
The health care industry is an ever growing billion dollar industry, mainly because the need for sound healthcare increases with age. Also, healthcare is one of the most important needs of man, because without good health, every other achievement is useless. Healthcare can be said to be all about providing medical services, products and equipment to extend, protect and increase the quality of human lives.
The health care is a broad industry comprising of several sub sectors such as:
- Primary health care
- Secondary health care
- Tertiary health care
However, it is important you know that the healthcare is the most strictly regulated industry. This is because it is directly involved with human lives. So you would need to be licensed before you can operate any business in this industry and to obtain a license, you will need certification aside other requirements that need to be fulfilled. Here are fast growing healthcare business ideas:
20+ Healthcare and Medical Business ideas & Opportunities for 2020
The health care industry produces a lot of wastes which can be recycled back into a raw material or reusable product. So starting a medical waste recycling business may be a nice idea for you to consider and you stand a chance of making a lot of profit from it.
2. Pharmaceutical Distribution Business
Pharmaceutical distributor business owners are the ones that purchase medicines from the big suppliers or manufacturers such as Emzor, Dana, GlaxoSmithKline, etc, then store them to warehouses and finally distributes them to many pharmaceutical stores or patent shops out there. If you have the financial capacity, experience and logistics; you can venture into this business.
Many families are becoming more interested in childcare services because they won’t want to have their kids not properly taken cares of. Though a daycare center is not medically related, it is still considered an arm of healthcare because it is your responsibility as a daycare center operator to see to the total well-being of the children under your custody including their health.
This is another profitable but untapped business opportunity in the healthcare / medical industry. Do you know that couples will pay a good sum of money just to solve their fertility problems? Well, running a sperm bank or egg donor agency is a good way to help couples with child conception challenges, while putting money in the bank.
5. Veterinary Clinic
The number of pet owners is increasing daily, so also is the number of livestock farm owners. If you are experienced in animal handling, or you simply love animals; then you can set up a veterinary services. All you just need to start is the basic training and some marketing skills.
Medical coding business can serve as an option especially when looking for a home based service business. If you are a smart individual with the basic knowledge of computer, you can start a medical coding business for hospitals and medical centers. Your basic task is simply to work with Doctors and medical directors to encode documents for the purpose of proper insurance filing.
7. Skin Care Center
Are you skilled at applying beauty enhancements to your physical body? If yes, then you can simply enroll for a course in cosmetology and get trained on how to apply beauty care treatments. Cosmetology can be defined as the application of numerous beauty treatments to any other parts of the body, with the aim of remedying skin defects or problems.
8. Drug Testing
Before you begin a drug testing business, there so many things you need to put into consideration. Though this type of business is one of those businesses that do not require a huge overhead expense; you would have to undergo several training and tests.
A home health care business is a business that provides skilled nursing services, home health aides, and other home care service such as medical social services, and therapies. Running a home healthcare business is probably on one the best businesses to engage in. However, critical planning must be done to avoid making some insane mistakes like most first-time entrepreneurs.
The non emergency medical transportation services is a unique kind of service that caters to individuals or patients who are physically disabled or sick; and cannot be able to meet up with the doctor’s appointment on their own . Examples of such individuals include the paralyzed, those bound to a wheelchair, etc.
11. Medical Waste Disposal
The medical and health care industry sure generate a lot of wastes; ranging from non-biodegradable wastes like syringes, plastics, nylons, etc to biodegradable wastes like human tissues. You can start a waste disposal business specially dedicated to the medical sector.
With the increase in the aging population together with the present condition of the society, there is a great need for elderly health care services. This is where services from medical caregivers and as well as nurses comes into consideration . These elderly care givers provide assistance to the elderly in the implementation of their activities of daily living.
15. Medical Marijuana Business
16. Physician Assistant Business
18. Medical Tourism Business
For those who don’t understand what a medical tourism service entails, the role of medical tourism agencies is to connect the patient or the client with the appropriate hospitals or doctors that specializes in the medical field that the client or patient is in need of. You can set up this business is you have the links and resources.