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"If it's not a mission-critical problem for a health system, people will give up," says Abhinav Shashank, CEO and cofounder at health data analytics startup Innovaccer.
"That's why building a tech startup in healthcare is very hard."
Shashank was speaking at the annual HIMSS24 conference in Orlando, Fla., where investors and experts discussed the challenges and successes of so-called "digital health" startups, which aim to improve the way health care is delivered.
Here's what you need to know: "We probably created way too many companies," Michael Greeley, co-founder and general partner at Flare Capital Partners, tells CNBC.
"Many of them have narrow offerings and are struggling to get traction in the market."
Still, investors look for companies that can scale quickly and take credit for cost reduction in the near term.
"The thing that has worked in our favor over the last few years is that we migrated very quickly," Greeley says.
"If it's not a mission-critical problem for a health system, people will give up."
But building a startup in the field is hard, and it takes time.
"It takes time for healthcare innovators to succeed, and companies that take a long-term view
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Social Enterprise HandiConnect Wins Audacious Award in New Zealand
Social enterprise, HandiConnect, wins the Audacious-Business Idea competition’s Doing Good category. The company is spearheaded by University of Otago entrepreneurship master’s student Nguyen Cam Van.