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Medical Devices Company
Medical Devices Company Finds Smarter Growth with Lecorpio
In the fiercely competitive medical device industry, innovative companies must manage their intellectual property (IP) efficiently and protect it carefully. This means they must focus on unifying and automating IP management processes that are all too often conducted on an ad hoc basis.
“This is exactly the kind of data-crunching ability we needed to strategically build our portfolio and make sure it’s staying in alignment with R&D activities as well as our overall business goals. ”
The increasingly competitive industry of medical devices is recognizing the need for more focus on—and investment in—intellectual property. For a period of time, this particular company tried to manage its intellectual property assets on spreadsheets. But when the demands of the portfolio outgrew the functionality of Microsoft Excel, the company began looking for a more consistent, rigorous way to manage its portfolio.
“It got to the point where the size and complexity of the intellectual property challenge was far beyond what our general counsel could manage alone,” explains one of the company’s IP counsel. “At that point, we expanded our legal team and began to look for a true intellectual property management solution.”
Intellectual property management solution delivers more for less
With a lean legal department, a collaborative company culture, and an explosive growth rate, the company knew it had to get its decision right the first time. It began looking for an intellectual property management solution that would offer robust features for a reasonable price, while simultaneously scaling to support the company’s expansion. Lecorpio fit the bill. The company decided to implement Lecorpio Patent Management, Lecorpio Trademark Management, Lecorpio IP Transactions and General Matters Management, Lecorpio Entity Management, and Lecorpio E-Billing.
“Lecorpio lets us do more with less by helping us manage our entire end-to-end IP management process online,” says the IP counsel. “And compared to many competing solutions, Lecorpio allows for a great deal of customization. This gave us confidence that we would be able to adapt the platform as our company grows and changes over time.”
With Lecorpio’s intellectual property management functionality, the company can finally search its intellectual property efficiently and generate analytics around this vast pool of corporate innovation. “Depending on the needs of the person who’s doing the searching, we can evaluate our entire IP portfolio at a high level or drill down easily into specific areas,” explains a company representative. “That simply wouldn’t be possible if we were still stuck on spreadsheets.”
Powerful analytical tools enable more strategic portfolio building
The company previously managed licensing transactions on an ad hoc basis. With Lecorpio, it now runs this process online in a centralized system that all stakeholders can access. As the company strives to improve how it manages its intellectual property portfolio, Lecorpio supports the company’s needs by providing powerful analytics functionality. The company can now better understand the allocation of its IP portfolio to certain technologies and use this information to perform white space, gap, and spend analysis.
“Lecorpio puts the analytical tools we need right at our fingertips,” says a company representative. “This is exactly the kind of data-crunching ability we needed to strategically build our portfolio and make sure it’s staying in alignment with R&D activities as well as our overall business goals. There’s no way we could do this if we still managed IP with spreadsheets.”
Seeking to grow responsibly, the company constantly reevaluates its technology spend and looks for ways to get more out of its investments. The company continues to get value out of not only Lecorpio’s web-based platform, but also the company’s customer support services.
“We’re still finding new Lecorpio functionality that we haven’t tapped into yet,” concludes the company’s representative. “This is a serious solution for companies that have reached a tipping point in terms of size and number of patents. If you’ve outgrown spreadsheets, give Lecorpio a try.”