If you’re like many med-tech companies, you’re focused on running your business. The problem is the health care market is a moving target, and that means what exists today will be different tomorrow. Focusing on only a single “go-to-market” strategy is putting all your eggs in one basket. If you’re blindsided by a competitor or your key customers suddenly “disappears” because of new regulations, you wind up falling behind, leaving you scrambling to try and catch up to survive.
One of the biggest challenges is trying to figure out what it will take to deliver your medical device to the customer. If it’s unknown to the customer and its benefits are unproven, the sales cycle will be longer, especially if its a sophisticated device. According to data from the FDA, 9% of the medical device failures are directly related to user error. If you have to train customers on how to use your new medical device, it requires more time, resources, and people. Training is even more critical for surgery or other complex medical treatments.
In this situation, licensing to an established company that’s already got those sales and training capabilities in place is a better strategy. They will get your medical device into the market much faster and more economically than you spending the time and money trying to build and manage your own sales team.
But this isn’t the only way to license your medical device. There are other ways, and the best place to find out more is at the upcoming Med Tech Licensing Workshop on Dec. 3rd in Newport Beach, CA. During this interactive workshop, you’ll learn the basics of licensing and how to use it to get your medical technology or device into the marketplace.
To sign up for this free workshop, go to www.licensingworkshop.com.
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.