The pharmaceutical industry is one of the evergreen industries in today’s high paced world. Whether an economy is on its most stable behavior or in recession mode, a person can fall sick any day or might require his supplement pills. Therefore, it won’t be wrong to say that the pharmaceutical industry is a prime source of medical innovation. In a pharmaceutical or biotech company, Intellectual Property (IP) is indeed the most valuable resource, which contributes significantly to the company’s future success. IP is the bedrock on which the advancement of new medications and cures takes place. Without Intellectual Property Protection, researchers might not be able to explore new areas of medical innovation and uncover the discoveries that will prompt the treatments, and cures of tomorrow.
The medical innovations and treatments leading to the discovery of new life-saving drugs must be protected through Intellectual Property Rights (IPR). As the relationship between a consumer and a pharmaceutical product is based entirely on trust, Trademarks help to distinguish and protect the brand on a company and product level. Patents offer pharmaceutical companies with exclusive rights to market their drugs and prevent others from selling, copying, or manufacturing these drugs for 20 years from the date of application. For pharmaceutical companies, IPR is a prerequisite for identifying, planning, commercializing, and protecting the inventions. They also encourage healthy competition, which promotes industrial development and economic growth. Additionally, IPRs provide sufficient incentives to these companies for investing in research and development.
Intellectual Property is essential for the continued innovation of new medicines, and holds utmost importance in the pharmaceutical industry, explained in the points mentioned below.
Bottom Line
The pharmaceutical industry should make sincere efforts to manage their IP Rights rather than just acquiring them from the national or regional IP Offices. It is a matter of fact that yes; Patent and Trademark Rights are not of much worth unless they are adequately exploited. Enterprises in the pharmaceutical industry should extract full value from their IP assets and medical inventions by taking adequate steps to develop an IP strategy for dealing with possible infringers. Therefore, enforcement of IP Rights is crucial to ensure that their intellectual property is respected in the marketplace.
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