[Contribution] The latest start-up trends and start-up common sense that I would like to share with doctor entrepreneurs
Attorney Daeryun Lee Il-hyung "Take advantage of segmentation strengths... digital healthcare-Active start-ups in the field of new drug development""Understanding technology for successful business development, Take advantage of support measures, understanding the law, Requires multifaceted preparation, including understanding the regulatory environment" Contributor: law firm(finite) Attorney Daeryun Lee Il-hyung(ilhyunglee@naver.com)lawyer/chemist/patent attorney/american accountant(Maine)pass the exam(前)Attorney at Celltrion Domestic Legal Team(現)law firm(finite) Daeryun Pharmaceutical Bio Healthcare Center Director 1. Introduction The contributor feels that the number of consultations from entrepreneurs with medical backgrounds has increased significantly recently.. In particular, with the development of artificial intelligence technology, the healthcare industry paradigm is changing. ‘digital healthcare’ While rapidly changing towards, Doctors' interest in and inquiries about starting a business is rapidly increasing.. The government is also fostering the pharmaceutical and bio sector as a future growth engine., The startup ecosystem based on doctors’ medical expertise is expected to become more active.. In this paper, along with recent trends in doctor startups,, Let’s take a look at the core legal knowledge you must know during the process of starting a business.. 2. Recently, major areas of physician startups appear to be focusing on areas where physician entrepreneurs can utilize their differentiated strengths of clinical experience and medical knowledge.. The fields in which doctors are actively starting businesses recently are as follows:. first, This is the digital healthcare field.. AI Based diagnostic assistance software, telemedicine platform, digital therapeutics(DTx) Representative examples include. Physicians have access to a wealth of clinical data and, Problems in actual medical settings(pain point)It has a competitive advantage in that it can accurately identify. especially AI Since the performance of the algorithm depends on the quality of the training data,, The competitiveness of doctors who possess vast amounts of clinical data is enormous.. second, This is the field of new drug development.. unmet medical needs(Unmet Medical Needs)Group of diseases that exist, For example, we are actively participating in the development of new drugs for rare and incurable diseases.. Doctor-turned-entrepreneurs are discovering innovative treatment targets based on a deep understanding of disease mechanisms., We also demonstrate expertise in clinical trial design.. 3. Startup common sense that I would like to share with doctor entrepreneurs dreaming of starting a startup (1) The need to improve your understanding of technology If you are preparing to start a business in the digital healthcare field,, Acquiring basic programming knowledge is recommended.. In the contributor's experience, communicating with developers while having an understanding of programming languages, Communicating without any relevant knowledge makes a significant difference in the quality of the results.. Even if it is not at the level of a professional developer, Understanding basic concepts and terms greatly increases the efficiency and completeness of product development.. (2) Active use of government support programs Startup support programs have expanded significantly due to the government's strong will to foster the pharmaceutical and bio sector.. In addition to supporting investment attraction,, A variety of programs are being operated, including legal, financial, accounting, and start-up consulting.. For entrepreneurs who lack initial capital and expertise, such support measures are like rain in a drought.. Although you may be very busy with your current job, we recommend that you actively explore and utilize this information in the early stages of starting a business. (3) The importance of establishing legal relationships in the early stages If this is your first business, it is advisable to seek advice from a legal expert from the early stages if possible.. In Korea, awareness of the importance of contracts is relatively low., In the case of the United States, the members in the early stages of starting a business 'contract between shareholders'It is common to clarify legal relationships by systematically concluding. In the contributor's experience, during the company management process, 'faith'It is virtually impossible to solve all problems alone.. It may seem a bit dry in our emotions, but, share structure, How to make decisions, Clearly agreeing and documenting the scope of authority and responsibility in advance is a shortcut to preventing conflict in the long run.. actually, Couldn't even get off to a proper start because the initial share structure was set incorrectly.(VCThey are reluctant to invest if the founder's stake is too low.), Cases of business disintegration due to disagreement between co-founders are more common than you might think.. It is recommended that early legal advice be considered as it can be a means of preventing such situations and helping managers to focus solely on management.. (4) Understanding the Regulatory Environment As you know, the biopharmaceutical industry is governed by medical laws and regulations., Pharmaceutical Affairs Act, Medical Device Act, Personal Information Protection Act, It is a strongly regulated industry that operates under a complex regulatory system, including bioethics laws.. No matter how good a business model is, if it violates the law, it will go out of business.. Therefore, check whether the business model violates current laws and regulations., What permits and permits are required must be reviewed in advance.. 4. Conclusion Physician entrepreneurs have a strong competitive edge in medical expertise.. However, in order to develop this expertise into a successful business, it is necessary to understand the technology, Take advantage of government support measures, understanding the law, Multifaceted preparation is required, including understanding the regulatory environment.. The contributor is confident that the challenges of doctor-turned-entrepreneurs will become an important driving force in the development of Korea's pharmaceutical bio industry and supports them.. Accordingly, starting with this paper, we will continue to introduce legal knowledge that can be of practical help to physician entrepreneurs.. We ask for your continued interest, readers.. [View full article]
[Contribution] Latest startup trends and common sense about startups that I would like to share with doctor entrepreneurs (Go here)