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Don’t Give Away Your Medical Device Software. Monetize It.

The software that lies inside your medical device is no small achievement. Just as standalone diagnosis and treatment software, the software inside a medical device requires the same stringent design, development and validation. And from a corporate standpoint, it all came at a cost that you’re entitled to recoup.

Yet many medical device manufacturers neglect to think beyond the hardware they provide. Licensing your embedded software opens the door to a recurring revenue stream and additional profitable opportunities. Adding a software licensing solution to your business model offers a wide range of benefits.

Five Advantages — Software Licensing for Medical Devices

1. You will protect your intellectual property (IP).

First and foremost, licensing helps you stay clear of IP risks. You’ll be better able to guard your code, track your users and eliminate any vulnerabilities.

2. You can provide features on demand.

Today’s licensing technology allows you to produce one device with embedded software where features can be turned on as needed. Instead of maintaining multiple hardware versions, you can ship a single SKU and enable different feature sets all electronically via licensing. Customers can upgrade their hardware as their needs change, or you can even let them trial new features.

3. You gain the flexibility of multiple billing options.

A traditional one-time fee is no match for the recurring revenue streams that licensing can provide. Software licensing opens the door to monthly and annual subscription options, pay-per-use options, pay-per-patient options and more. These flexible pricing models are revenue enhancers for you, and more importantly, what many of your own customers prefer.

4. You open up valuable product insights.

Through software activation questionnaires, feature usage data and subscription trend analysis, you can zero in on what future offerings will please your customers most. Licensing helps you establish a regular dialog with customers and improves your satisfaction metrics.

5. You will significantly boost your profit margins.

Modern licensing technology opens up all sorts of doors to new revenue, from speeding up upsell opportunities to tapping unexplored markets with time-limited trial programs.

Nalpeiron’s cloud-based licensing platform, Zentitle, provides everything you need to monetize your software. Used by today’s most demanding software and hardware vendors, it’s a proven solution with a big impact. Want to learn more? Grab a meeting today.

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