Businesses with proprietary data, especially those in the highly-regulated life sciences space, need a way to track critical dates connected to their intellectual property, patents, and licensing agreements from one central location. In this case study we will discover how Kinamed Incorporated uses ContractWorks to manage their growing intellectual property and patent portfolios while remaining HIPAA compliant.
Established in 1987, Kinamed designs and manufactures implantables and instruments for orthopedics and neurosurgery. As a medical device manufacturing company, Kinamed has a robust IP and patent portfolio that needs to be carefully tracked and managed while remaining HIPAA compliant.
With five different product lines, and patent agreements with multiple global partners, they needed a solution that would ensure they never missed a contract’s critical expiration or payment date again, helping them to avoid steep fines and missed opportunities.
After consulting with a patent attorney the Kinamed team realized that they needed a simple way to manage all of their corporate contracts, especially their patent agreements. They needed a solution that was easy-to-use and not too expensive, and that also had the security features necessary to remain HIPAA compliant. They found everything they were looking for in ContractWorks.
Kinamed needed a way to easily track contract expiration dates from an easily accessible, and secure location.
With ContractWorks, the Kinamed team spends less time searching for specific corporate contracts and more time working on new initiatives for their business. In particular, they get a lot of utility from ContractWorks when managing their patents’ various expiration dates.
They use the system’s automated reminders when managing their milestone payments to the US patent office, as well as when working with their partners in Europe and Japan. Keeping track of all past and future payments and expirations protects the business from hefty fines, or in extreme cases, even losing their patent - all of which could hinder company progress and affect their business’ bottom line.
Today, Kinamed continues to use ContractWorks to manage all of their patents, NDAs, licensing agreements, intellectual property, and any document with a deadline or expiration date.