Are you interested in the medical field, research, or pharmaceuticals? This could be the business ideas you’ve been waiting for. Improving cancer patient’s outcomes by bettering how their information is collected, shared, and analyzed. Let us explain.
John Rampton is the founder of Due.com, a robust online payment system. More than 140,000 companies currently use Due.com including organizations in various countries around the world. We sat down with John and asked him to share a new business idea with us.
But first, according to John, every true entrepreneur has two kinds of ideas.
-One solid practical idea that they are currently investing their time and funds in.
-A pipe dream idea they think is beyond their current reach
We know what John works on for practical purposes, but what does he suggest is a great idea that seems a little far fetched for his current circumstance? Curing cancer. Let’s explore this idea a little more:
-Cancer data isn’t being analyzed fast enough. Computers tell us billions of different things we could never calculate alone, the data needs to be brought together to be interpreted.
-The genetic makeup of a Caucasian and an Asian person are different so cancer will respond differently in these individuals.
-Medical bodies are also different and exploring this helps us better understand how each body reacts.
-More data analysis will tell us more about these reactions in individuals helping us to better understand how cancer itself reacts.
John tells us his favorite company that gathers data on cancer – PLC Medical. They will take a drop of blood and analyze your genes to tell you the likelihood that you have a cancer gene in you.
-These tests are 99.99999% accurate.
-A $2 fee is applied for the information that could possibly save your life and provides more data worldwide for cancer research.
-Their clients come back once a year to analyze the reactions and provide further data. -This data could and should be analyzed more effectively to better understand the reactions in different bodies.
It’s a brilliant idea that could also improve the lives of thousands of cancer victims. So, the question arises, should it be a for profit or non profit company? John’s answer for this is always FOR profit. He says:
Make it, analyze it, sell it.
He believes that:
-The drug industry is a trillion dollar industry.
-The average drug costs $8 billion to make.
-The data behind making the drug costs up to $75 million before it moves to the drug company that makes it.
John recommends pulling data from as many different sources as possible to gather as much data as possible on cancer research to be more effective.
A word of caution is the regulations in place in the United States. It is easier to work with other countries as their medical regulations are far more lenient.
So why doesn’t John pursue this idea?
-Previous commitments to current employees at due.com
-He isn’t passionate enough…this takes someone with an extreme passion for research and data and John knows where is limits and interests are.
-This idea requires funding he doesn’t have to get it rolling.
Do you have an idea for your next business? Is this something that interests you? Finding an idea that you are passionate about is one of the greatest challenges an entrepreneur can face. Being able to realize if your idea is a solid practical idea, or if its a little far fetched for your current circumstances is a key to a successful business. Who knows, maybe cancer research could be your next great idea.