Despite our civilization coming so far with its advancements, we are still not at a point in time where we would have the tools and techniques needed to significantly improve our medical industry to the point where there was no disease we couldn’t cure. And it was only after we became the witnesses of the disaster from the coronavirus that we were met with the harsh reality of how far behind we are in the medical world.
Some of the most common problems in creating innovative means of improving treatment range from medical errors, which are actually accounted to be the eight leading death causes in the United States – threatening the economic future of businesses, governments, and individuals.
What’s worse is that around 40 million people in the United States do not have health insurance. To understand some of the challenges that the medical industry is facing, here are a few examples we have shared with the public.
Funding
Innovation represents two types of financial challenges within the healthcare industry- funding for the development of the innovation and finding an investor who will be willing to pay for the product or its services.
The problem with this process is the amount of time it takes for investment in new therapies and drugs that require approval from the FDA.Venture capitalists that back IT start-ups might be able to get their money in a few years, but biotech firm investors need to wait about a decade before they can even find out if the product will even be approved or not.
Policy
Regulations set up by the government can either aid innovation or completely disturb its process. That is why it is important for innovators to understand that there is an extensive network of regulations that tend to affect specific innovations, including the rules that are modified and applied.
But despite these struggles, there is still hope within the healthcare industry. Consider the contributions made by Dave Nayak, a man who is not only an accomplished American physician but is also a revered philanthropist, farmer, and Deacon. Many of you might even know him as the proud founder of the Strength to Love Foundation (STL) and the owner of Nayak Farms.
During the COVID-19 pandemic, Dave formed the ‘Dr. Dave on Call’ a system where he focused on assisting various small businesses and schools throughout Chicago – formulating and helping to implement custom COVID-19 Standard Operating Procedures (SOPs) so that during the pandemic, schools and companies from all over the world could safely go about their operations.
In addition to that, he launched the ‘Dr.Dave On Call Podcast’ where he talked about topics related to the COVID-19 pandemic, health, and wellness and he would also interview nationally recognized guests who had the information to speak about relevant issues related to these topics.
In 2019, Dave became the President of the Chicago-based non-profit ‘ ‘Strength to Love Foundation” – a registered 501c3 non-profit organisation that is centred around efforts on improving healthcare access, food security, and more.
Furthermore, at the Nayak Farms Sweet Corn Initiative, Dave donated more than thousands of sweet corn to the major Illinois Food Brands to help counter food insecurity problems to all food-insecure families, which has significantly changed their conditions for the better.
