What are the 4 essential components of a monetization strategy for embedded medical devices?
To fully monetize their IP by increasing revenue and reducing costs, medical device vendors need a software monetization strategy that hinges on four distinct considerations. Embedded software publishers must be able to easily and effectively control, package, track, and manage usage of their software-driven hardware devices.
Beyond economic challenges, budgetary constraints, and fierce competition, medical equipment vendors face problems with deliberate and unintentional misuse of their software, competitive IP theft, and tampering.
Device vendors must also understand how to use advanced licensing systems to reduce operating costs, provide feature and business model flexibility to meet customer needs, and fully monetize their equipment design and development efforts for an efficient embedded device strategy.
With the right strategy, a little bit of process, and powerful software licensing and entitlement management technology, medical equipment vendors will increase their chances of success and spend more time on innovation than business and operations administration.
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