The medical device industry is changing so fast that getting your med device to market sooner rather than later is the priority. The rapid pace of new devices entering the market is shortening the lifespan of med device technology. The question is how will you bring your med device into the market to profit from this multi-billion dollar opportunity? Will, you market it directly, license it out to an established player, or use a combination of these two strategies?
The medical device industry is facing challenging headwinds. Governments and health insurers worldwide are looking to control costs. Hospitals are operating on tighter budgets. And private facilities are receiving lower reimbursements. These trends are creating significant changes in the healthcare industry and the way medical devices are valued and purchased. The question is will your business capitalize on these trends or fall by the wayside?
Many times what goes in a product is more important than the product itself. And that presents a great licensing opportunity. That’s just what one cannabis company decided to do. Rather than use their technology to make and sell products, they use their R&D technology to help other product manufacturers deliver better and more consistent products.
How do you know when it’s time to license your professional know-how? One of the best signs is when someone asks. Sometimes it’s companies outside your industry, and in many cases, especially for training consultants, it’s often one of your customers.
Your IP is more than just the foundation for your products or services. You most likely created it to solve a problem or meet customer demand. If it solves a problem for you and it works, then it can solve a problem for other companies in a different market or industry. That’s a golden licensing opportunity and it should be part of your business strategy.