Collecting and analyzing patient records is becoming increasingly important in the healthcare industry. With access to this data, med-tech companies can license their analytic data for various uses. This could include identifying patients suitable for clinical trials or providing access to clinical databases to help providers administer more effective treatment. Licensing healthcare analytic data is an excellent way for med-tech companies to expand their business. Let’s explore how you can make the most of it.
Identify Your Target Market and Potential Partners
When licensing your healthcare analytic data, it’s essential first to identify your target market and potential partners interested in using it. You should know who you are targeting and the data types they will be looking for. From there, you can start researching potential partners interested in working with you. As an example of this trend, pharmaceutical giant Bayer recently announced a licensing deal with One Drop – a developer of AI-powered digital therapeutic solutions – to use its data platform for research in several disease areas. So it’s worth considering why they wanted to partner with them and what type of data they were looking for.
Understand the Terms of the Agreement
Before agreeing with a partner, be sure to understand all the terms of the contract. This includes understanding each party’s rights over the data and any restrictions on how it can be used or shared by either party. Also, consider if there are any fees involved or whether there is compensation from either side as part of the agreement. Both parties must understand all terms before signing anything so that everyone knows precisely what is expected from them throughout the agreement.
Consider How You Will Collect Data
Once you have identified your target market and potential partners, you need to consider how you will collect the necessary data to provide them with what they need. This could involve collecting structured and unstructured data from various sources, such as electronic medical records (EMR) or patient surveys, as well as other external sources like social media or news outlets. A clear strategy will ensure you have all the necessary information when it comes time to license your analytics data.
Licensing healthcare analytic data is an excellent opportunity for med-tech companies looking to expand their business further by providing valuable insights into patient records and helping improve clinical decision-making processes for healthcare providers worldwide. By understanding your target market, familiarizing yourself with contractual agreements, and having a clear plan to collect relevant data, you can ensure you get the most out of licensing your analytics data to maximize your revenue opportunities.
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.