F E A T U R E in prescription periods for treatments and varying payment models when assessing how to pitch a new product .
Legal and practical considerations in neurotech
Any HealthTech business should be making the necessary steps to protect their intellectual property ( IP ) from the very beginning to safeguard their innovations but also enhance their valuation and attractiveness to investors .
Jorgen Ellis , CEO of neuro-rehab company Strolll
Conducting an IP audit will identify and prioritise all potential IP assets , including software , branding element and unique processes or know-how . Filing for protection early is vital and companies wishing to export should also consider international protection .
was not approved for NHS use because its benefits don ’ t outweigh the cost .
While saving money is a priority for the NHS , a largely privatised healthcare system in the US places the emphasis instead on growing and scaling services to expand businesses . It may also be worth considering the greater competition for healthcare talent , differences
Employing a legal adviser who understands not just IP , but the various regulatory and commercial hurdles across healthcare markets , can be an invaluable external resource .
Different partners will have their own requirements , and the right contract will protect rights , revenue and control . Adapting the standard NHS contract enables a company to quickly sign agreements with new trusts .
Other considerations that can sometimes be overlooked include consumer protection laws such as cooling-off periods for any supplies directly to the patient , consent for handling personal data , and the added complexity of third-party retention of title provisions in any partnership .
Grasping opportunities
An ageing population , rising chronic health conditions , and increased regulatory and reimbursement support are among the many factors driving rapid growth in the neurotech market .
Technology is increasingly capable of responding to acute conditions , providing huge opportunities for innovative start-ups .
Getting the basics right in their approach to market will ensure they can play a central role in addressing some of the most significant global healthcare challenges . �
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