How do you transact and monetize your device when it becomes more than just a device?
When your licensing agreements transition to offering value beyond the device, moving from selling based on price to new licensing and collaboration agreements, royalties must be paid. Utilizing an end-to-end solution that minimizes risk and maximizes profits is key to successfully managing your evolving value chain.
Having a comprehensive view of your data is important for optimizing revenue management and maintaining the integrity of your licensing agreements. Without a unified source of truth for data retrieval, achieving complete visibility and maximizing revenue potential can be challenging.
Effective auditability, tracking and data management are essential for managing royalty processes in the medical device industry. These functions ensure that your royalty payments are handled accurately and transparently. It’s also important to account for the costs associated with royalty fees when commercializing your device and to capture all relevant details in your Gross-to-Net analysis.
It is critical to have 360° visibility into contracts—whether they involve inbound or outbound royalties. This includes performing simulation and margin impact analysis, ensuring traceability and auditability for all processes and tracking every action involved. Are you confident that your current royalty solution can support these aspects of collaboration without risking revenue leakage or data inconsistencies?