No matter what size MedTech company you are, IP is critical to your company. It is the lifeblood that translates good ideas into new profitable endeavors. It's what drives its value and also what makes you an attractive target for strategic partnerships with a larger company.
One recent example is a small Medtech company that received a $37 million investment and licensing deal from the global eye care company Bausch and Lomb. The partnership gives this global giant access to the corneal implant IP developed by the small company and opens up a new marketing opportunity with the tens of millions of people who can't read without glasses or contact lenses.
The ever-shifting health care landscape is creating a product innovation challenge for global companies. Big med device companies are looking outside for new R&D. They are looking to create partnerships with earlier stage med device companies. Across-the-board more and more large companies of all sizes from GE to Johnson & Johnson are all turning to outside strategic partnerships with startups and small businesses to develop the type of innovation needed to take advantage of this rapidly changing market. Although it's riskier, it's the only way they can fill their massive product pipelines. And that spells big licensing opportunities for startups and emerging med device companies.
Don't overlook licensing as part of your marketing opportunities. When you think of licensing don't think of it as something separate from your core business and marketing strategy. Today licensing must be part of your med device marketing strategy. With growing competition in the medical device market more intense than ever, licensing partnerships are one of the best marketing strategies for startups and small medical device companies. Rather than going head to head with the big med device companies, use licensing to partner with them.
So where do you go to find out how to use licensing to partner with bigger companies? The best place is the Med Tech Licensing Workshop replay. Click the image below to sign up and view this free workshop.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He's licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid's action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. His first book, Hidden Wealth: The Money Making Power of Licensing was released in 2019 and is available on Amazon.com. He's also a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.