Hamza Asumah, MD, MBA
The healthcare sector in Africa offers countless opportunities for doctorpreneurs to build meaningful, impactful, and successful businesses. To tap into these opportunities, they need a reliable compass. One such guide is Ray Dalio’s book, “Principles.” This renowned text outlines the fundamental principles that Dalio, founder of the world’s biggest hedge fund, Bridgewater Associates, used to build and sustain his enterprise. These tenets, when meticulously applied to a healthcare business, can guide doctorpreneurs to success.
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1. Embrace Reality and Deal with It
The first principle in Dalio’s book urges leaders to face reality and make decisions based on that reality. For the African doctorpreneur, this means recognizing and dealing with the unique challenges of the African healthcare sector. According to a World Bank report on health in Africa, these challenges include a high disease burden, a shortage of healthcare professionals, and inadequate healthcare infrastructure.
While these challenges are daunting, doctorpreneurs can leverage innovative solutions. For instance, telemedicine has been identified as a promising solution to address healthcare access issues. In 2020, the telemedicine market in Africa was valued at approximately $18.7 million and is projected to reach $446.9 million by 2026, according to Mordor Intelligence. By embracing this reality, doctorpreneurs can align their efforts with market trends and offer services that meet the immediate needs of the population.
2. Use the 5-Step Process to Get What You Want Out of Life
Dalio’s 5-step process urges leaders to (1) set clear goals, (2) identify and don’t tolerate problems, (3) diagnose problems to get at their root causes, (4) design plans to circumvent them, and (5) do what’s necessary to push these designs through to results.
For the African doctorpreneur, this could mean setting a goal to reduce maternal mortality rates. Recognizing that the problem is inadequate access to prenatal care, the root cause could be identified as a shortage of healthcare facilities in rural areas. The plan could then involve the establishment of mobile clinics or usage of telemedicine to reach these underserved areas. Implementation would then involve acquiring funding, equipment, and personnel to execute the plan.
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3. Be Radically Open-Minded
This principle is about being open to diverse perspectives and ideas. In a McKinsey report on the future of healthcare in Africa, it was suggested that partnerships between public and private healthcare providers could be key to addressing the healthcare gap. For a doctorpreneur, being radically open-minded could mean being willing to collaborate with government bodies, NGOs, and other healthcare providers to achieve shared objectives.
4. Understand That People Are Wired Differently
Dalio emphasizes the importance of understanding that people have different strengths and weaknesses. For doctorpreneurs, this principle applies to both their team and their patients. By understanding the unique strengths of their team members, they can assign roles that maximize individual potential and team productivity. By understanding the diverse needs and behaviors of their patient population, they can tailor their services to better meet these needs.
5. Learn How to Make Decisions Effectively
Dalio’s decision-making principles include making decisions by consensus, but when that’s not possible, having clear protocols in place. For healthcare businesses, this means creating a decision-making framework that involves key stakeholders and incorporates data-driven insights. For instance, when deciding on the location for a new clinic, the decision could be based on data such as population density, prevalence of diseases, and availability of other healthcare services in the area.
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6. Recognize How to Get Beyond Disagreements
Disagreements are inevitable in any business. However, Dalio emphasizes that getting past disagreements isn’t about proving who is right or wrong but about finding the best path forward. For doctorpreneurs, this might mean creating a culture where disagreements are viewed as opportunities for learning and improvement. This could be facilitated through regular team meetings where everyone is encouraged to express their views and concerns.
7. Foster a Culture of Constant Learning:
Continual learning is vital for doctorpreneurs aiming to drive innovation and stay ahead in the healthcare industry. Dalio’s principles advocate a growth mindset that encourages individuals to embrace mistakes as opportunities for learning and improvement. African doctorpreneurs can apply this principle by cultivating a culture that values ongoing education, professional development, and staying abreast of emerging medical advancements and industry trends.
8. Embrace Data-Driven Decision Making:
In the era of digital transformation, data-driven decision-making is crucial for healthcare businesses. Dalio’s principles underscore the significance of collecting and analyzing data to inform strategies and mitigate risks. African doctorpreneurs can leverage this principle by implementing robust data management systems, utilizing electronic health records, and employing analytics tools to gain insights into patient outcomes, operational efficiency, and financial performance.
9. Encourage Radical Responsibility:
Dalio’s principles emphasize the importance of taking ownership of outcomes and fostering a sense of radical responsibility. In the context of African healthcare businesses, doctorpreneurs can empower their teams to take ownership of their roles, encourage autonomy, and provide a supportive environment that enables individuals to contribute their best.
10. Maintain an Agile and Adaptable Approach:
The healthcare industry is dynamic, and African doctorpreneurs must be prepared to adapt to changing circumstances. Dalio’s principles highlight the importance of embracing an agile and adaptable mindset. Doctorpreneurs can apply this principle by staying informed about industry trends, monitoring regulatory changes, and proactively adjusting their strategies to meet evolving patient needs and market demands.
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Practical Applications of these Principles in African Healthcare
Here are a few examples of successful healthcare businesses in Africa that have applied these principles:
– LifeBank is a Nigerian healthtech startup that delivers essential medical products, such as blood and oxygen, to hospitals across Africa. The founder, Temie Giwa-Tubosun, has spoken about the importance of facing the reality of Nigeria’s healthcare infrastructure challenges and designing innovative solutions to address them. LifeBank uses technology to match hospitals with the medical products they need, delivering them swiftly and efficiently.
– mPharma is a Ghanaian startup that manages prescription drug inventory for pharmacies and their suppliers to increase patient access to high-quality medications. The company’s approach of understanding the unique challenges of the pharmaceutical industry in Africa and designing solutions to address them embodies Dalio’s 5-step process.
– Babyl Rwanda is a digital healthcare provider offering medical consultations, prescriptions, and laboratory testing via a mobile app. The company has partnered with the Rwandan government and other organizations to reach more patients, demonstrating the principle of being radically open-minded.
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Ray Dalio’s “Principles” provides a useful framework for leadership and decision-making that can be applied in the African healthcare context. By embracing reality, setting clear goals, being open-minded, understanding individual differences, and making effective decisions, doctorpreneurs can build successful healthcare businesses that address the unique challenges and seize the vast opportunities of the African healthcare landscape.
By leveraging these principles, African doctorpreneurs can not only create successful businesses but also contribute to the broader goal of improving healthcare outcomes across the continent.
Please leave your insights in the comment section below.
Dr. Hamza Asumah 
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