Professional development & entrepreneurial mindset education to healthcare providers, especially for pain therapy | The Pain Relief Clinic
Pain is a universal symptom. Everybody experiences it at some point in their lives. It is the body’s way of telling us that something is not right. When we experience pain, there is an injury, dysfunction or some other problem. It is an unpleasant sensation that we need to remove.
From a business perspective, this customer’s “need” to remove pain is something to consider because it is common and urgent. It also means that this is a big market with various opportunities; providing solutions is a good starting point for a pain therapy business.
Who The Customers Are
Countries with an active and aging population are likely to have a growing market. An active person might suffer from sports-related injuries, while people who have lived longer might have chronic degenerative conditions, which need long-term treatment.
Another area to consider would be the affluence and expectations of the patient population in question. It would be advantageous to set up a service in a country with rising affluence and education levels and where people may have higher expectations of treatment safety, results and experience.
Well-educated patients might research the potential side effects of standard medical treatments such as medications prescribed by doctors. They may also read up about the potential risks of surgery and other treatment options. Instead of accepting “painkillers, surgery or living with the pain” as the only options, they might be more likely to look for newer and better solutions and willing to pay appropriately for such solutions.
This makes for an ideal target customer base.
A Technological Need
It can be argued that what some people term “complementary therapy” has developed to fill the niche or market gap left by traditional medical care. Some patients may find temporary relief through acupuncture, homeopathy, chiropractic, osteopathy and massage therapy, but many patients still search for an ideal long-long term solution. While experienced professional skills and techniques are useful, there is, unfortunately, a limit to what such techniques can do.
Similar to many aspects of life, advances in technology can now play a huge role in providing better answers. In recent years, medical technology has provided many therapeutic modalities that can give helpful results. I have also observed that new non-invasive medical technology can often be acceptable to the patient in terms of a comfortable experience during therapy, having a low risk of side effects and providing long-lasting relief.
A country where such technology is not yet widely available to patients presents a good market opportunity. A provider or business can consider taking new technology from a country with a more advanced medical system and introducing it to a country with a less developed market. If the new medical technology is combined with good therapeutic skills, this could be an even better solution.
Another factor to consider is the availability of skilled manpower to provide treatments. In developing countries with ample trained medical staff such as doctors, physiotherapists, nurses and occupational therapists, salaries can be relatively low. This would be an advantage from a business perspective.
Choosing The Best Market
An ideal market with a good potential for a pain therapy business has a combination of:
1. Easy access to competitively priced staff.
2. An environment where there is market demand from affluent customers willing to pay fairly for desired results.
3. A market opportunity to introduce new medical technology.
When considering the opportunity for a pain therapy business, it is also important to recognize that healthcare is often a regulated market in many countries. There are usually guidelines to follow and licenses required before a health-related business can provide its services.
Some may consider properly navigating these requirements an additional burden as they try to set up a new health service. However, market players who create a successful pain management business can enjoy a competitive advantage as regulation can also provide a barrier to potential competition.