How to Exit Medicine
Back in 2017 when I first got the itch to pivot from medicine, there weren’t really many resources or networks easily available that I could leverage to investigate life outside of medicine. Here’s what I learnt, what I would do differently if I started today, as well as a list of high-value exit options for doctors and a list of successful ex-doctors who've executed it brilliantly.
Leverage your network and find successful ex-doctors.
If you don’t have one. Go get one! Listen to podcasts such as Scrubbed In. Attend some events with ex-doctors, career fairs and talks. Finally, stop assuming and ask around - you’ll be amazed how wide your current network really is.
Looking at successful ex-doctors will give you an idea of the career options/pathways that are available to ex-doctors.
Use this to short-list your viable exit options, examining your skills, strengths, interests and passions.
Some light stalking of ex-doctors’ LinkedIn profiles will give you an idea of what qualifications and experiences they had prior to their exit.
Then compare against what you have and see if it’s similar.
If it’s not, then start searching for opportunities that’ll get you closer to what they had, bearing in mind that there’s more than one way to skin a cat. For example, some of my health-tech colleagues did the BiteLabs health tech fellowship, others did not, but did the HLA programme instead.
Try to find an over-arching goal that’ll help you form a strategy for your search.
Don’t settle for the first opportunity that comes. Do your due diligence and make sure the opportunity you exit into brings you closer to your over-arching goal.
To find out more about why and how I exited into a multi-million health tech company, checkout the video below and then have a look at my list of high-value exit options and successful ex-doctors below to get you started!
💼 Consulting
Management consulting is a professional service provided by experienced consultants to help organisations improve their performance and efficiency. Consultants analyse a client's current business processes, organisational structure, and strategies to identify areas for enhancement. They offer expert advice on diverse issues, such as strategy development, operational improvement, technology implementation, and organisational change. By leveraging their industry knowledge and analytical skills, management consultants guide clients in making informed decisions to achieve their business objectives. The ultimate goal is to drive positive transformations, optimise resources, and foster long-term success for the client organisation.
Paritosh Devbhandari - McKinsey
Dr Aaron S. - Bain
Dr Daveen Rattan - Bain
Samuel B - Bain
Matthew Chan - Bain
💻 Health-tech
Health-tech encompasses a rapidly evolving field that leverages advancements in technology to enhance healthcare delivery and outcomes. It integrates various digital tools, data analytics, artificial intelligence, and telecommunication solutions to streamline processes, improve patient care, and drive innovation in the healthcare industry. Health-tech applications include electronic health records, telemedicine, wearable devices, diagnostic tools, and personalised medicine. By fostering connectivity and data-driven insights, health-tech not only facilitates more efficient and accessible healthcare services but also holds the potential to revolutionise preventive care and treatment strategies, ultimately contributing to the overall improvement of global health.
Dr Avi Mehra - IBM
Dr Yath Prem - Doccla
Dr David Rassam - Doccla
💊 Bio-tech & Big-Pharma
Biotechnology and big pharmaceutical companies play pivotal roles in the healthcare industry. Biotech firms focus on applying biological knowledge to develop innovative drugs, therapies, and diagnostic tools, often harnessing genetic engineering and molecular biology techniques. These companies are at the forefront of cutting-edge research, exploring novel treatments for various diseases. On the other hand, big pharma refers to large pharmaceutical corporations that are primarily engaged in the production and distribution of pharmaceutical drugs on a massive scale. These companies typically have extensive resources for drug development, clinical trials, and marketing. Both biotech and big pharma contribute significantly to advancing medical science and improving global healthcare, although they operate with distinct strategies and emphases within the broader pharmaceutical landscape.
Dr Vikesh Patel, MD - AstraZeneca
Amedra Basgaran - BioCorteX
🏦 Investment banking
Investment banking is a financial service that facilitates the creation of capital for companies, governments, and other entities. It involves a range of activities such as underwriting and issuing securities, advising on mergers and acquisitions, and providing strategic financial guidance. Investment banks act as intermediaries between issuers of securities and investors, helping organisations raise funds through the issuance of stocks and bonds. They also play a crucial role in mergers and acquisitions by providing advisory services, conducting valuations, and facilitating negotiations. Additionally, investment banks engage in trading activities, managing risk, and offering various financial products and services. Overall, investment banking plays a pivotal role in the global financial system, connecting capital seekers with investors and contributing to the efficient functioning of financial markets.
Dr Gurdas Singh - William Blair
Dr. Omar Ali - The D.E. Shaw Group
💸 Private equity
Private equity refers to a form of investment where capital is raised from institutional and high-net-worth individuals to acquire or invest in private companies. In this model, investors become limited partners in a private equity fund, which is managed by a general partner or a private equity firm. The fund manager identifies investment opportunities, acquires or invests in private companies, and works to enhance their performance with the aim of generating substantial returns. Private equity often involves active management and operational improvements to increase the value of the portfolio companies. The investment horizon is typically longer than that of public markets, and returns are realised through exits such as selling the portfolio companies or taking them public. This asset class is known for its potential for high returns but also involves higher risks and longer investment horizons compared to more liquid investment options.
Dr Claire V. - Inflexion
🐥 Venture capital
Venture capital (VC) is a form of private equity financing provided to start-ups and emerging companies by investors known as venture capitalists. These investors typically inject capital into high-potential, innovative businesses in exchange for equity stakes. The goal of venture capital is to support early-stage companies that may not have access to traditional funding sources. Venture capitalists not only provide financial backing but also contribute strategic guidance and expertise to help the companies grow and succeed. In return for taking on the risks associated with investing in unproven ventures, venture capitalists anticipate substantial returns on their investments when the companies achieve successful exits, such as through acquisitions or initial public offerings (IPOs).
Sohaib Imtiaz MD MPH DipIBLM - Vive Collective
Deeya Kotecha - Necessary Ventures
🧑⚖️ Commercial law
Commercial law, also known as business law, encompasses a broad set of legal principles and regulations that govern commercial transactions and the conduct of business entities. It covers a range of topics such as contracts, sales, negotiable instruments, secured transactions, and corporate law. Commercial law seeks to provide a legal framework that facilitates fair and efficient business practices while protecting the rights and interests of parties involved in commercial transactions. This area of law often involves issues related to contracts, business organisations, consumer protection, and competition. Compliance with commercial law is crucial for businesses to operate ethically, ensure contractual obligations are met, and navigate the complexities of the business environment.
Richard Wells - A&O