Struggles and Motivation of HealthTech Entrepreneurs

Providing Transparency and Confidentiality
Since most people in Vietnam don’t have health insurance, offering price transparency and the ability to compare prices has proved particularly useful to patients. “When they go for private healthcare, they’re paying out of pocket, so they’re price sensitive and price compare,” notes Lopez. The ability to find care for stigmatised conditions is another area where Docosan is becoming helpful for patients. “Interestingly, reproductive health and mental health are the main reasons people are booking,” says Lopez. The team feels proud about building a mental health network in a country where it’s still not talked about openly. “It’s the same with reproductive health. When someone is dealing with an STI, they don’t want to talk to everyone about it, but they also don’t know where to go,” she notes. “We are helping people get convenient and regular care that is also confidential.”

The startup’s seed funding round was led by AppWorks, a prominent Taiwan-based venture capital firm. Docosan had participated in the AppWorks Accelerator, one of the largest startup accelerators in Southeast Asia. Some initial conversations about fundraising turned into an interest in investing, and before they knew it, the team had raised their seed fund. “The total time I spent fundraising was around a week, and I’m grateful for that as it allowed me to focus on building my business,” says Lopez. Funding from AppWorks helped more than just financially. It also brought Docosan into the limelight and made other investors take notice. “After the round, many venture capitalists began reaching out to know more about the company,” says Lopez. Docosan has the potential for expansion in several markets. “The intervention can work in countries where there are many private clinics but not much information about them.”


Struggles and Motivation of HealthTech Entrepreneurs
It’s been a year and a half since Lopez turned entrepreneur. Describing the experience, she says, “It’s unlike any other job I’ve done before. There’s a new major challenge every quarter.” Releasing a minimum viable product was a learning experience for the team. “There were a lot of issues, but we learned a lot about what is useful to doctors and patients and what people are willing to pay for.” Based on the learnings, Docosan switched from a subscription to a commission-based revenue model. “Now it’s about getting more users and plugging weaknesses. Problems come up in all sorts of places, so how do we prioritise and make sure the user has a better experience,” she adds. Making a positive impact in a patient’s life helps Lopez balance the chaos of entrepreneurial life. “When a patient leaves a good review, it makes it all worth it. Knowing that we helped someone when they were stressed, that we helped them find the right doctor, and they had a good experience. It reminds us why we’re doing this, and it keeps me going.”

The immense potential for digital transformation in healthcare is another significant motivator for Lopez. “When you look at other industries, there are so many digital interventions that have changed things, and you cannot imagine going back to the old way,” she notes. “The future would be amazing if healthcare can transform in the same manner. I think technology has been late to come to healthcare,” she adds. Her advice to aspiring HealthTech entrepreneurs is to understand the pain point thoroughly before dedicating time and money to it. “Whatever issue you’re working on, you have to understand the needs of the patients and know inside-out what they go through.” The consequences of getting it wrong are also higher in healthcare compared to other industries. “You have to be careful as you’re dealing with human life, and you have to do things ethically,” points out Lopez.