Digital health is a unique sub-sector of the healthcare and pharmaceutical industry. The combination of cutting-edge technology with medical expertise results in products and companies that are simply unlike any other.
This means that when it comes to selling your digital health business, you need a set of skills and expertise that is equally one-of-a-kind. Here are our top tips, to help you on your journey.
Make a plan
The first step in any business sale is to identify what you want to achieve. With thedigital health sector being so dynamic, there is plenty of opportunity for synergistic transactions –whereas a retail pharmacy business might simply be taken over and continue to operate in much the same way as under the previous ownership, tech-based businesses see a lot of activity that is predicated on assimilating the company and the technology stack into the portfolio of the new company with a view to combining two or more technologies into one greater whole.
Identify your USPs
The first thing you need to do when you look to sell your digital health business is to identify what makes you stand out. Do you have patented technologies underpinning the way you operate? Are your processes unique and not easily duplicated? Make sure that you have clearly detailed these unique selling points, and have any relevant trademarks, copyrights, and patents to hand for due diligence purposes.
Set your price
The price for your business should represent the fair market value, and be based on a full, accurate, professional valuation. This will take into account the various USPs that you have identified, and the value that they hold in the broader market. Additional considerations will be any contracts you have in place –for technology-based firms, particularly important contracts will be any equipment suppliers and tech support/development personnel.