One of Vietnam’s many young startup entrepreneurs, Mr. Pham Anh Duc passed the entrance exam at the Medical University but then decided to head abroad and study at a foreign university. 

After returning to Vietnam he became Marketing Director at the Lazada E-commerce Company before beginning his Vicare.vn startup, the largest data health platform in Vietnam. 

Identifying a need

Vicare.vn provides information on hospitals, clinics, doctors, drugs and symptoms of diseases. 

The idea came to Mr. Duc when he saw the huge demand for reliable healthcare information. 

“It’s easy to find healthcare information on the internet but difficult to verify it,” he said.

 He also has a passion for healthcare and wanted to provide useful information to patients so they can locate the right hospital and the right doctor at a reasonable cost. 

He successfully overcame the obstacles that face all startups. He used his own money to get the startup going and so bore all the risk. 

He also found it hard to express his idea to potential colleagues and partners. 

The final challenge was accessing and controlling healthcare information, as managing the information depends on various factors.

Though having to cope with so many challenges, Mr. Duc had faith in his idea. 

After researching Vietnam’s healthcare sector, he saw the potential it held. Vietnamese spend a lot of time caring for the health of their families. 

He had also noted that the healthcare sector had few top-notch services; an opening he felt he could fill. 

Suitability essential

His seven years of experience in e-commerce enabled Mr. Duc to manage the startup and set goals. 

“Knowledge is necessary but it’s not enough,” he said. 

To achieve goals, startup founders must have products or services that meet market demand. 

A key factor is suitability. Startups, he said, must stay up-to-date on customer demand and assess products and services carefully to identify strengths and weaknesses. 

A product or service can’t exist without a market, so startups must always adapt to the requirements of the market to meet demand in full and on time.

Most startups only have a “feeling” about the market, and they must accept defeat if it comes. 

“Before Vicare.vn was officially launched, we put ourselves into the shoes of customers to try and understand their needs, and we then built a complete database that met their requirements,” he explained. 

“A willingness to change and remain suitable are crucial for success.”

With a list of more than 20,000 healthcare facilities and professionals around the country as at December, Vicare.vn is proud to be the first website providing customers with comprehensive details on healthcare services. 

The platform has received Series A funding from two investment funds from Japan and Singapore. 

A million customers using the website each month is proof of success and the number is heading upwards.

Having received Series A funding, he said the strategy now is to improve and revise Vicare.vn’s data for accuracy and distribute the data through different channels.

He will also pay attention to building human resources, engaging the experts Vicare.vn needs.

Helpful advice

As the first startup in the healthcare sector, Mr. Duc has a great deal of experience to share. 

Among the most important factors for startups, he believes, are ensuring product or service suitability and being willing to cope with failure. 

“One of the exclusive features of technology products is that they are always being updated,” he said. 

“Demand among customers changes almost every day, so it is necessary to remain up-to-date.” 

This ensures survival, as falling behind will result in someone else taking your place.

Failure is something startups should prepare for and it’s not as terrible as many believe as it provides invaluable experience. 

He also advises young businesspeople to ensure their capital sources, because investing and losing large amounts of money can become a major stumbling block. Building huge ideas from small plans is necessary. 

After considering these factors, young entrepreneurs should absolutely get going and the sooner the better, as youth doesn’t last forever. 

2016 was a memorable year for startups in Vietnam. 

Continued success will only come, however, if young people attempt to take advantage of opportunities.

VN Economic Times