If you're a CEO, entrepreneur, or inventor looking to license your medical technology (MedTech), understanding the ins and outs of licensing is essential. To help ensure your success in the MedTech industry, below is a summary of the points discussed during this workshop presentation on the big do's and don'ts of licensing.
Partner with the Right Company
The right licensee can bring in substantial income over the life of the license agreement. The wrong partner can be a significant frustration. Look for a partner who understands the complexity of MedTech, has the resources to support development, understands the regulatory landscape, and can help you capitalize on intellectual property rights. A strong partner should also have an experienced team that can help you navigate issues such as FDA clearance or reimbursement requirements and provide guidance on product development pathways. You want to ensure that you partner with an experienced licensor who will put your interests first and maximize your return on investment (ROI).
Don't Skip Tech Validation
Tech validation is one of the most important aspects of any MedTech licensing deal. You must validate that your technology works and there is demand for it before starting the licensing process. If it doesn't work, licensees won't be interested. Validation helps protect both parties from entering into a deal that could fail due to technical issues with the product, so there are no surprises down the road. This includes working closely with a third-party lab/testing facility to verify performance and safety standards, providing it to customers or end-users for feedback, and, in some cases, conducting clinical trials if necessary.
Provide the Right Information
When sending information about your Medtech product, it is vital to make sure that all information provided is accurate and up-to-date. It's also important not to overwhelm a potential partner with too much information. The correct information focuses on the business side of your Medtech IP. What problem does it solve, why is it better than the competition, and how will it make money? Ensure all information is consistent across multiple documents, such as patent applications and product descriptions, so potential partners clearly understand what they are getting into when considering licensing your technology.
Summarizing the Key Points
Licensing your technology correctly is key to success in the MedTech industry. It starts with the right licensing partner that understands your MedTech IP, and validating your technology will help ensure smooth sailing throughout the licensing process and beyond! Additionally, providing the correct information upfront will save time and money for both yourself and potential partners looking at licensing your IP. Following these do's and don'ts during the licensing process will help ensure your efforts will pay off in securing a licensing partner.
As you can see, there are many things to consider when licensing your Medtech product. By following the do's and avoiding the don'ts outlined in this blog post, you will be well on your way to a successful license agreement. If you have any questions or need assistance getting started, please get in touch with us today for a short consultation call. We would be happy to help you navigate the process of licensing your Medtech product.
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.