There are too many considerations to list here, but I'll try to scratch the surface.
If you keep this in house then you need the funding to do the development, manufacturing and the distribution. You'll need a sales force or BD function. But under this model you keep control over everything and you are not reliant on third parties, except your contract manufacturers and other vendors.
If you license you cede control to the licensee subject to the terms of the agreement with the licensee. The licensee theoretically has the resources to handle the development, productization, manufacturing and distribution. You need to choose your licensee carefully. Your license agreement must be very carefully drafted. It must contain milestones for all activities to be carried out by the licensee and must lay out all of the licensee's obligations. It must have termination rights and other remedies in the event that the licensee doesn't meet its obligations. Conceptually the license scenario may be a faster way to revenue, but you need to be very careful as the licensee's corporate priorities could change, its focus could change, its management or ownership could change.
This is just a start.