The Business Case for Social Impact in MedTech & HealthTech

Written By Sophy Chan-Nguyen

In over a decade of working and doing research in the healthcare field, one thing has become clear:

Social impact in healthcare is often left to academics, non-profits, and public institutions. 

The biggest barrier to social impact for MedTech and HealthTech start ups isn’t resources—it’s the misconception that it has to be expensive or time-consuming.

💡 In reality, social impact is no longer something nice for companies to consider—it’s a strategic advantage.

As we navigate economic uncertainty and rising health disparities, patients, providers, and communities want to support businesses that have their best interests in mind. People want to support businesses that understand their needs and align with their values.

When MedTech and HealthTech companies lead with inclusion, equity and engagement, they:

✅ Build trust with patients and providers

✅ Improve adoption and long-term outcomes

✅ Create solutions that are resilient, scalable, and rooted in real-word needs.

And this doesn’t require massive budgets or global scale.

Before thinking about developing in social impact programming, businesses can start with:

➡️ Listening to the communities you aim to serve
Start by engaging patients, caregivers, and frontline providers early in your design process. Use interviews, community forums, and co-design sessions to understand lived experiences, unmet needs, and barriers to access. This builds trust and ensures your solution is grounded in real-world relevance.

➡️ Designing products that are inclusive by default
Incorporate accessibility, cultural relevance, and diverse user testing from the start. Inclusive design means considering different languages, abilities, socioeconomic contexts, and health literacy levels — not as edge cases, but as core use cases.

➡️ Aligning your business practices with health equity and well-being
Go beyond the product. Ensure your hiring, partnerships, and go-to-market strategies reflect your commitment to equity. This could mean working with community-based organizations, offering tiered pricing models, or investing in underserved regions.

📌 Being socially responsible is a great business strategy with far-reaching benefits for businesses, our people, and our future.

💭 What are small (or big!) ways you've seen MedTech or HealthTech companies make a meaningful difference?

Sophy Chan-Nguyen