The digital transformation of health care, from clinical to claims information, is shifting the industry toward a new paradigm of delivering individualized care. To capitalize on this opportunity means shifting your strategy from a disconnected med-tech device to a linked data collection device that empowers the patient-consumer.
One of the fastest-growing areas of digital health care is collecting and analyzing patient records. It’s creating opportunities for med-tech companies in this space to license their analytic data to help improve clinical decision making, identify patients meeting certain criteria for clinical trials, or provide access to clinical databases to better guide providers in delivering the right type of patient treatment. Pharmaceutical giant Bayer announced a licensing deal with One Drop, a developer of A.I.-powered digital therapeutic solutions for diabetes and other chronic conditions. Bayer gets the right to use the data platform for its bio-digital therapy research in several areas such as oncology, cardiovascular disease, and women’s health.
Online platforms and patient communities are generating valuable data. Web sites where individuals share their experience with health care systems, forums for physicians to share their expertise on medical issues, and communities for patient activism create valuable data sources that can be licensed to health care providers, researchers, and payers. One example is the licensing deal between Veta Health and Boston Children’s Hospital. Veta’s digital technology platform provides a simplified patient health care experience by coordinating data from multiple care providers, patients, and care partners. It combines existing data sources and patient-generated data to help providers achieve timely treatment and improve overall patient population health.
From lowering patient claims to proactive diagnosis and treatment to virtual doctor visits, big tech and health care companies are also scaling their technology to become part of the estimated $500 billion global digital health care market. Companies such as Google, Apple, Amazon, GE Healthcare, Johnson & Johnson, Medtronic, and others are turning to outside partnerships with med-tech startups to develop the digital health care innovation needed to stay ahead of the competition and adapt to a rapidly changing market. Many are forming innovation incubators and special development divisions. One of the largest nonprofit health care systems, Ascension Health, set up a division to develop external partnerships with small health tech startups. Their goal is to uncover the latest emerging technology focused on digital health care.
If you’re a med-tech company, you must adapt your technology and business model to the transforming digital health care market. It means shifting from a device-centric strategy to a data-driven patient-centric strategy. Otherwise, you risk getting “shut out” of the digital health care market. To thrive and grow in this “digital” environment requires generating and leveraging patient data to deliver better outcomes. And one of the best ways is through licensing partnerships with larger health care providers, health systems, medical and technology companies seeking to provide access to quality health care data for their customers and patients.
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.