How Crowdfunding Can Help In Medical And Scientific Research
The crowdfunding model is fueled by three types of actors: the project initiator who proposes the idea and/or project to be funded; individuals or groups who support the idea; and a moderating organization (the "platform") that brings the parties together to launch the idea
The achievement made in the field of medicine and science in the last century would be dwarfed by the achievements occurred in this century. The advancement in technology would make practicing medicine faster, cheaper and better. And the best part is that patients would be benefitted a lot from this. As each of us would become a patient; some point in our lives, we would greatly benefit from this awesome innovation in the field of medicine.
However, one needs to realize that grants alone cannot pave a way in the field of medical innovation. In addition, such programs are under constant budget cuts, making it a difficult proposition for a detailed research. As per the statistics taken in the second quarter of this year, most of the funding has gone to the less risky companies.
Crowdfunding Comes Into The Picture
Crowdfunding can create a great impact on the medical research field. It allows the life science entrepreneurs to advertise about raising money publicly, so that it can reach to investors who previously were never aware of such investment available to them. There are various factors which could instigate investors to pounce on such investments - an uncanny interest in the field of medical science and family medicine, a desire to earn good returns on investments, an interest for personal issue, etc.
There have been various reward based crowfunding platforms and it has helped researchers to raise enough capital to fund the scientific experiments which would have gone unfunded. But it is much difficult to raise funds to establish a life science or biotech company from donations alone.
As per the analysis found in various medical journals, it is not difficult to think about a future where life science investors and entrepreneurs would seek for various sources of funding that is at their fingertips to achieve success. Initially, the starting research can be funded by reward based crowd funding. Once the sufficient data and experiments are conducted with regard to the clinical trials, then one can easily get the attention of multiple dynamic and economical strategic partners and VCs.
One of the biggest aspects of this crowdfunding is that it greatly shows the democratization of the investments by allowing any person to make income through investment in private concerns whose major aim is to create a boon in the field of life science. Here there is a tremendous opportunity for the patient communities to support innovative researches in the field of science and medicine.
Most of the life science companies come under the FDA’s purview and getting approval from them can be time consuming and even costly. Even though it is a defined process, measures have been taken to make it better. Other issues that crop up are fraud and failure. Both these factors are different from each other and have a huge impact.
Failure occurs during the initial stages or at the final stages. At times the project can go out of hands when the desired results may not occur or fall off. But in case of fraud, it is a rare occurrence and it something that plays a critical role in crowdfunding. As crowdfunding involves a huge amount of investment and time, fraud activities can really affect the concept.
Currently, we at the greatest junction of medical achievement. For the next ten years, the history of medical and scientific research could change and give a major boost to the investors and common private companies to become a part of it.
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