Innovation Direct™ Secures Exclusive Licensing Agreement for Medical Accessory…
Innovation Direct™, a South Florida-based intellectual property licensing leader since 1997, has secured an exclusive licensing agreement with Meditech International Hong Kong Limited, an overseas manufacturer and distributor of medical equipment, for an intubation accessory, the Smart Tube, from its roster. The company will immediately begin further researching the potential of the item within its existing product lines and has already initiated direct discussions with the inventor about its full capabilities.
The company had recently reviewed preliminary, non-confidential information about the invention and subsequently agreed to sign a non-disclosure agreement in order to be granted access to detailed design information about it. Once the guarantee of confidentiality was executed, the company contact was sent access to a virtual website for the concept that included a color digital rendition, virtual reality presentation, and detailed product description.
Having had an opportunity to review all of the material on the product idea, Meditech International Hong Kong Limited felt the Smart Tube held enough potential so as to warrant their request for exclusive rights to develop it further and potentially manufacture and market it in the future. Accordingly, they executed the Exclusive Licensing Agreement sent to them by Innovation Direct™ on Wednesday, November 24th.
“We are very pleased that this licensing scenario came together so quickly,” commented Peter Doran, Innovation Direct™’s Managing Director. “We certainly expect that this representative of the company’s resolve to try to maximize the potential of this product and we look forward to seeing it successfully commercialized in the future.”
The Smart Tube is a product aimed at improving patient welfare during medical procedures and eliminating the margin for error during the intubation process. It will help prevent potentially serious injuries and the resulting consequences for both patient and medical professional, and will be priced cost-effectively for hospitals and medical centers to purchase. The Smart Tube is also in the Patent Pending stage at the United States Patent and Trademark Office.
Innovation Direct™ will continue to follow up with Meditech International Hong Kong Limited throughout the process of attempted commercialization of the Smart Tube and will provide assistance as applicable.