Medical Entrepreneurship

Presentation at the Annual Week of the Nigerian Medical

Association (NMA), Held at the Government House Yola,
Adamawa on Tuesday, 29th October, 2019
Presentation Outlines
1. Opening Quote
2. Definition of Entrepreneurship
3. Definition of Medical Entrepreneurship
4. Who is a Medical Entrepreneur?
5. Imperatives of Medical Entrepreneurship
6. Take The Lead: Become Medical Entrepreneurs
7. Scope of Investment Opportunities
8. Funding Sources for Medical Entrepreneurship
9. Requirements for ME Funding
10.Courses & Books in Medical Entrepreneurship
11.Takeaways & Conclusion

2
 Definition of Medical Entrepreneurship
Medical entrepreneurship (ME) is better explained than defined. It is
the ability of health professionals to create new business
opportunities in the medical profession in response to the needs,
tastes, demands and changes in the fields of medicine,
biotechnology, health care services, ICT, medical innovations and
social entrepreneurship across the globe. Medical entrepreneurship
helps to sustain and develop the functionality, quality and
performance of the healthcare system of a country, while making
double bottom line (Wellness for the patient and Profit for the
investors). Medical entrepreneurship accommodates nuances such
as healthcare entrepreneurship, public health entrepreneurship and
digital health entrepreneurship. New technologies and disruptive
innovations in ICT enable fast and effective delivery of medical
services to patients.
 Who is a Medical Entrepreneur?
 A medical entrepreneur is any
healthcare professional, who is
aware of the challenges, needs,
tastes, preferences, changes and
gaps in health sector, and is able to
connect entrepreneurially with the
these market opportunities to
provide relevant health-oriented
products, services, technologies
and other medical solutions for
double bottom-line (personal profit
and social impact).
 Why double bottom-line?
Imperative of Medical Entrepreneurship 1
• In Nigeria, 40,000 doctors support an estimated population
of 196 million.
• World Health Organization reveals that Nigeria's physician-
to-patient ratio is 4 doctors to 10,000 patients. But, US
ratio is 26:10,000 patients and UK ratio is 28:10,000
patients.
• Budgetary allocation to health in 2018 was 3.9% as
against the minimum 15% commitment.
• Patients often wait hours for services. Implication is that,
there is wide DEMAND-SUPPLY GAP.

Source: BBC Africa, Lagos (2019)

Imperative of Medical Entrepreneurship 2
• On the average, 9,000 medical tours occur monthly from
Nigeria to other countries (Source: Daily Trust, 2019)
• Nigerian authorities say the country is losing more than $1
billion annually to medical tourism (Voice of America,
2019).
• India is the major beneficiary of medical tourism with 500
visits monthly (Source: Daily Trust, 2019)
• The losses to medical tourism annually in Nigeria is N359.2
billion, which is more than the N340.45 billion allocated the
health sector  in the 2018 budget (Source: Daily Trust,
2019)
Take The Lead: Become Medical Entrepreneurs

In view of the imperatives, it is wise for healthcare

professionals attending this gathering to develop new,
creative and alternative medical-oriented ventures to
redress the deficits in the nation’s health sector for dual
benefits (economic return on investment and social
wellness for the people)
Scope of Investment Opportunities in ME

• Hospital & Clinics • Creche/Play group

• Pharmaceutical Company • Aesthetic medicine/Cosmetic
• Pharmacy Stores Clinics
• Diagnostic Centre & Lab • Medical College
• Medical Courier Services • Nursing College
• Medical writing services • Paramedical/ Allied College
• Medical Waste Disposal • Dental Services
Services • Eye Specialist
• Medical Tourism • VIP weight loss clinics
• Medical Consultancy
Scope of Investment Opportunities in ME

• Health and fitness centers

• Medical Escort Services
• Medical consumables
distributorship
• Physical/Occupational Therapy
Center
• Diabetic Care Center
• Nutritionist/Dietitian
• Rehabilitation Center
• Alternative Healthcare
Investment in Medical Equipment
Funding Sources for Medical Entrepreneurs

Abraham Lincoln said: "Investment in knowledge itself pays

the best interest”.
Requirements for Funding Medical Enterprises
Mounted Courses in Medical Entrepreneurship
Books in Medical Entrepreneurship
Takeaways: Medical entrepreneurship is inevitable in Nigeria,
and that investment opportunities is massive and attractive for
the following reasons:

15
Thanks for Listening

16