Mr. Kim writes that while trust and credibility are crucial for all startups, these traits may carry more weight in the healthcare industry, which deals with sensitive topics and providers are more wary of new companies due to healthcare’s complexities and heightened regulation.
In order to prove a product or service is credible and trustworthy, Mr. Kim suggests acquiring approval or certifications. He outlines the story of mySugr, a Vienna-based startup focusing on diabetes therapy. “Meeting FDA/EU standards was a top priority from the very beginning. The company wanted to make it very clear to stakeholders that it was offering a medical product solving a real therapy problem, as opposed to a wellness gadget,” Mr. Kim writes.
Having such backing can lead to more valuable relationships with potential clients like payers and providers, as well as higher retention rates, Mr. Kim writes.
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