Low Risk Business Idea: Health care business

[Jasmine]

No matter what, people need health care, they have to go to hospitals/clinics, perform tests, and buy medicines. You can start different kinds of business within the healthcare niche such as clinics, labs, pharmacy, etc. In many developed nations, healthcare contributes to at least 10 percent of their GDP (in the United States is it about 18 percent of the GDP). Interestingly, healthcare industry is also the largest employer in the United States.

Global healthcare industry worth is 8.45 trillion USD in 2018 (it is expected to rise to 10 trillion in 2022). You can imagine how much money you can make in this industry.

In many countries during the Covid Pandemic, healthcare industry almost collapsed due to the shortages of medical facility and workforce, therefore, there is an increasing demand for small scale health facility such as clinics, small labs for minor tests, online diagnosis, online pharmacy, etc.

While you might have to spend millions or dollars to open a hospital, you can easily open a clinic for less than $50,000.

 

[AlexFr]

Regulations?
In our country is no problem to launch a health care business (my father was a MD) but regulations can destroy that.

 

[Mika]

I am not sure if you can label the healthcare business as a low-risk business. You need a lot of money to invest in the health care business. Any business that requires a lot of investment can be termed a high-risk business because the financial risk is the biggest risk factor in any business. There are also rules and regulations to follow. If you want to open a pharmacy, you need a degree in pharmacy, if you are not a pharmacist, your business needs a partner who has a pharmacy degree. If you want to open a clinic, you either need to be a doctor, or you need to hire a doctor. If you need to hire a doctor, you will have to pay a lot of money to this doctor. You can sell medical equipment or even open medical centers like nursing homes, hospitals, etc. but you need a lot of money to get started. It might be profitable but it requires a lot of investment.