Professionally Providing Products to the Medical Field

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and STEM (Science, Technology, Engineering and Mathematics). The healthcare industry will always be around as people will always need care of some sort. A lucrative business may therefore be supplying products for use in the field. The following contributed post is therefore entitled, Professionally Providing Products to the Medical Field.

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When we think of setting up a business of our own, the majority of us tend to consider providing general consumer products to the general consumer market. This makes sense. After all, the majority of us are consumers ourselves, so we are better able to identify gaps in the market. If there’s something that we want and can’t access, we may start up a business that creates these products and make them accessible for others. It is also generally easier to set up a company that provides products to a majority – the more people your product appeals to, the more people who are likely to make purchases and generate profit for you. However, the market is becoming increasingly saturated, due to the simplicity of setting up an Ecommerce store online and certain products are now offered by so many suppliers that profit margins are minimal, as companies have to undercut each other constantly for profit. Instead, why not consider a completely different field of commerce and cater to a more specialist market? There’s a whole lot of money to be made in the medical field!

Do Your Research

Before you get started, make sure to do your research. Know the field that you are dealing with and understanding their standards. Know what the equipment needs to be able to do and figure out a way to offer it at a lower price point than current providers are selling it for. Alternatively, alter the equipment in order to improve it or make it more functional somehow.

Specialise in One Product

When offering a product to the medical field, it is generally best to specialise on one specific product. You don’t have to worry about medics buying your product once and then having to reach out to a new market – medical equipment gets worn out, so customers are likely to return to you time and time again. Medical equipment also tends to be very specific, so it’s best to make sure you are providing one perfect product than offering various moderate products – medical institutions will only purchase the best.

Outsource Your Manufacturing

As we have now established, your products need to be perfect. So, generally speaking, it is best to outsource your manufacturing to companies with price equipment like cutting services and laser cleaning services. You can then create a test batch to try selling. If things take off, you could then invest in the necessary machinery and equipment in order to be able to manufacture in-house yourself.

Be Ready to Pitch

You’re going to have to really sell your product here. The type of sales you’re going to make aren’t really going to be one-off impulse buys. Institutions are going to make bulk purchases. So, make sure that you can pitch your products. This could make our break a huge deal and determine whether you succeed or not!

Sure, specialising in producing medical equipment is relatively complex and isn’t the easiest path to take. But if you get things right, you could make a fortune by selling just one line of products!

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.