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Entrepreneurship in

Medicine
By Muhammad Yusoff bin Mohd Ramdzan
1050023
Contents of My SSM
► Definition
► Examples
► Laws
► Advantages & Disadvantages
► Definition
 the use of creativity and inventiveness
 by someone who may or may not be involved
in the field of Medicine
 to create a business that involves Medicine,
 taking greater risks at the same time,
 to advance him/herself (for whatever reasons).
► In other words,
 an Entrepreneur in Medicine is any person who
sets up any kind of business that is related to
Medicine.
► Examples
 Dato’ Dr. Noordin Darus
 Dr. Danial Zainal Abidin

► Laws
 various Health Acts
 other previously unrelated Acts will come into play,
depending on the business
► Advantages
 salary potential, freedom, independence,
flexibility, originality, excitement

► Disadvantages
 decisions & responsibility, no regular income,
unpredictable work schedule,
My 9-question e-mail interview with
Dato’ Dr. Noordin Darus
A bona fide medical
entrepreneur!
1. How did you get started in this business?

► “…I was recovering from cancer, and I realized the


difference in the healing process when I drink certain
types of water.

► That's how I ventured into Rx-Water, and from then


on, it was just a matter of finding the most appropriate
business model to distribute my product.

► WorldWellness Network was the appropriate vehicle,


and network marketing the right business model...”
2. Is this your first business? If not, what were
the others and what happened to them?
► “No. I was previously running a wellness consultancy
company, and we provide seminars and trainings…

► …too dependent on my ability to talk in public, thus I


needed to venture into a product-based business.

► My battle with cancer probably made me realize how


important it is to have a business that is independent
from my health.”
3. How did you finance your business?

► “The successes of my previous business venture left me


with a sufficient amount of reserves to start the business.

► And I am a firm believer in organic growth without debt.

► Thus, I have been fortunate enough to remain debt-free in


my business venture.”
4. How have sales grown in the last few
years?

► “As we are a Network Marketing company, one of the key


measurements would be the number of distributors…

► …we are now closing on around 40,000 distributors.

► There has been a steady increase in terms of sales and


distributorship for the past 3 years…”
5. How do you divide time between practising
medicine and business? What is an average
workday like for you?
► “No, I don't have to divide time since I no longer practice
conventional medicine. As a medical practitioner, there is a
conflict of interest and against ethics to promote a product.

► I took the decision to promote my concept of Wellness


through my products and public speaking engagement
rather than conventional medicine.

► I've been fortunate enough to have a well-run organisation


that I no longer have to be hands-on in everything,
especially operations. So I have a lot of time to pursue my
other interests…”
6. How has Medicine played a part in or
influenced your business?
► “…understanding of conventional medicine to realize the
potential of wellness products that complements it…

► I am more aware of the side impacts of my products, thus


ensuring a higher compatibility with users experiencing
medical conditions.”
7. What has been your most effective
marketing tactic? Is the title 'Dr.' considered a
business tactic to you?
► “We place importance on word-of-mouth from our users.

► …roadshows on a regular basis.

► The title Dr. is not a business tactic, but it's an indication of


my qualification… However, I cannot deny that when you're
promoting health related products, the qualification helps in
ensuring credibility.”
8. How can an entrepreneurial medical
practitioner survive in the business world?
► “Entrepreneurship requires a giant leap of faith in your
abilities. Be ready for a rough ride as business is never
easy… clinical skills is a small portion to the skill sets you
need to succeed.

► Setting up a practice is a simpler form of entrepreneurship,


but you do have to acquire the basic knowledge of
conducting a business like managing cost, human
resource, and cash flow.

► However, medical practitioners have some basic values


like intelligence, a curious mind and an ability to trust your
instinct that are invaluable in entrepreneurship.”
9. What three pieces of advice would you offer
entrepreneurs starting out today?
► “Understand who you are first… A high self-awareness would
enable you to assess whether you have what it takes to commit
to a business.

► Identify your personal mission and vision… Understand what


drives you. Are you success-driven at all cost, or contented with
helping people, but not making money?

► Conduct a complete and honest business feasibility


assessment. Nothing is worse than not knowing the market, the
product, and your customers.

► …and don't be afraid to say no.”


Thank you