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 at the upcoming Med Tech Marketing Summit. This one day conference features top speakers in med tech marketing, branding, sales and licensing.
You’ll learn about the latest in medical tech marketing – such as DTP (direct to patients) – and why medical device marketing is no longer simply raising awareness and increasing brand visibility. You’ll learn about trends in the fast-changing medical device market, and what you must to remain afloat in this highly competitive marketplace.
Most important, you’ll hear from industry experts who will discuss how to recognize these emerging trends and capitalize on them to grow and expand your business. I’ll be speaking on licensing and how to use it as part of your marketing strategy.
You can find out more about the Med Tech Marketing Conference at MedTechMarketingSummit.com. And for a limited time, LCG subscribers get a discount of $150 off the conference price of $249. Just enter the promotional code BRENNER when you register.
Click here to register for the Med Tech Marketing Summit.
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. He’s 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.