Mentorship in Laboratory Medicine

Most successful entrepreneurs had mentors that gave them free business advice. These entrepreneurs did not allow the advice to go to waste but they used the advice to pivot their business strategy for the long-term. Much has been said about the importance of business coaching and consulting and why every entrepreneur should find a mentor to help them through starting and organizing a business. Business advice can be just as important as funding in the early stages of starting any business. Finding role models and mentors can be hard especially in this era of social media where everyone has established themselves as experts. Mentors can be voices of reason, fonts of knowledge and sounding boards all wrapped up in one package. Great advice can determine the survival of any entrepreneur who is new to starting and running a business. All these principles are applicable to starting and running a Medical Laboratory. 

Sir Richard Branson is a billionaire businessman who understands and preaches the importance of good mentors. His mentor was legendary airline entrepreneur, Sir Freddie Laker, who founded Laker Airways and who Richard Branson greatly admired. In the early days of Virgin Altlantic, Sir Freddie Laker gave Richard Branson some valuable business advice that he still uses to this day. Virgin Atlantic lacked the big marketing budgets of its larger competitors such as British Airways. Therefore, Laker encouraged Branson to become to face of Virgin Atlantic and drive his own publicity for free. Everyone can do this today with social media. Laker said: "Use yourself. Make a fool of yourself. Otherwise you won't survive."

Laboratory Information Management System in Jamaica

Healthcare Management Information System in Jamaica

DYXNZ BOXYZ: Project XYZ

Product Sourcing Strategy is directly linked to supply chain engineering, operations research and data science. This project seeks to improve inventory management using data in order to ensure that product sourcing strategies are efficiently implemented in healthcare systems. This project will use an operating system built on the linux kernel as well as the source code of G-MOSS. A team will be built to customize open source software to create DYXNZ BOXYZ as a management information system for product sourcing strategy. There will be features for stock movements, location hierarchy, and reporting on this system. This is a project that will help to teach individuals how to use open source software as a learning tool in the information age. Code reviews will be done by volunteer programmers using the open source maturity model before deployment into healthcare systems. The primary goal of this project is be a servant to low income communities that may lack the medical supplies they need because of inefficient supply chains.

To help make this project a success we will be asking for donations and assistance from persons who want to contribute to this cause. Project XYZ is free and we want to make a difference in the world and change medical laboratories for the future. This will be the last blog post before the deployment of DYXNZ BOXYZ version 0.0.1.

Inventor or Investor

After researching and studying some of the great business leaders and entrepreneurs, I have picked up a pattern from the data gathered. Most of the great ones are either inventors, investors and/or imitators. Elon Musk invented his own rockets to create SpaceX which will probably make him the first trillionaire. This involved imitating and learning from the mistakes of past aerospace engineers. Warren Buffett invested in Coca Cola and Apple Inc. which made him one of the richest men in the world. At one point, Warren Buffett was the richest man in the world. This involved imitating and learning from the mistakes of past financiers such as Benjamin Graham. This means that you either become good at science and engineering or learn finance and marketing to become a great business leader. For some, it is important to learn both which is easily done through imitation. In the USA, Silicon Valley is the hub for science and engineering inventors while Wall Street is the hub for finance and marketing investors. So my advice is to become an inventor, an investor and/or an imitator if you want to be an entrepreneur.

Medical Laboratories have started to adopt the principles of inventing, investing, and/or imitating in order to become large conglomerates. This is the formula for having the greatest impact on society via innovation and investments. In Jamaica, most inventors use the services of the Scientific Research Council while investors use the services of the Jamaica Stock Exchange. Medical Laboratories are now becoming technology and asset management giants. On March 8, 1994, National Health Laboratories Inc. reorganized as a holding company called National Health Laboratories Holdings Inc. which merged with Roche in 1995 to form LabCorp. Be the change you want to see!

JAM-DEX for Healthcare

This is not about cryptocurrency or non-fungible tokens. It is about the information age. Money is an information system. Your finances is simply a data entry into a database. Banks will now operate as data centers which will be monitored by data scientists. Health financing will have to adopt to this new norm. This means that health insurance will become a large information system. JAM-DEX is the birth of digital currencies and infonomics in Jamaica. 

Medical Laboratories cannot escape the financial system. Whether it is mobile payments such as Lynk or digital currencies such as JAM-DEX all Medical Laboratories will have to adopt. If medical payments are more digital then healthcare will slowly become digital. The new age of artificial intelligence, cryptocurrencies and the metaverse will change healthcare forever. Adopt now or become extinct.

$1 USD Pharma Stocks

Investing in US equities is key to diversifying your asset portfolio. In the midst of the COVID-19 pandemic many investors have shown increased interest in pharmaceutical shares. There are three pharma companies whose share prices are less than or a little over one(1) United States Dollar (USD). They are Agile Therapeutics, Neoleukin Therapeutics and Leap Therapeutics which are all listed on the NASDAQ. These companies have some of the cheapest stock prices for pharmaceutical companies in the United States. Based on your investment strategy, and after doing thorough research, one of these cheap stocks may be where you can start your journey of buying shares in pharmaceutical companies. Most individual investors cannot afford expensive shares such as that of Berkshire Hathaway and opt for cheaper shares or fractional shares. Online trading platforms now give everyday stock market investors the option of owning fractional shares which became more popular since the COVID-19 pandemic. This is levelling the playing field so that everyone can get a chance of being part of investing on stock exchanges regardless of how much money they have. For as low as $1 USD, you can own shares in a pharma company.

Cheap stocks are not always the best to own, however, it is a place to start as a learning tool for the everyday investor. If not, you can opt for fractional shares which would allow you to own 0.01% of a BRK-A share for $4218 USD. Medical Laboratories will become some of the largest publicly-listed companies in the future when DNA starts to replace software as the most popular product on planet Earth.

Disclaimer: This information should not be taken as investment advice. Please contact your licensed investment advisor before making any investment decision.