Biomedical Engineering Reference
In-Depth Information
done by an internal team along with third party experts from outside the company,
and a report is produced. This report is challenged by the attorney “shadowing” the
research project and a group of senior managers and attorneys from the IP Group,
who in turn make a recommendation to senior executives, who then decide whether
the project should proceed to the next stage of development.
When a project moves into full-scale development, there is continuous interaction
between the patent department, R&D, marketing and product management teams to
capture patenting opportunities, for example, new medical indications and unique
selling points, helping to differentiate the compound and enhance the potential to
extend the product lifecycle of the product.
Conclusions
Empirical evidence demonstrates the value of IP in creating economic growth. Espe-
cially in knowledge-based economies, and R&D intensive sectors of the economy,
such as the life sciences industries, IP plays a fundamental role in the decisions to
invest in innovation.
Investment in patents to create an IP portfolio and strategic management of
IP are critically important for firms to develop competitive advantage and realise
maximum value from patents. But, a balance needs to be achieved between the size
of an IP portfolio, and the quality, robustness and density (interrelatedness) of the
patents it contains.
In addition to enhancing productivity and profitability, IP and patents have a
monetary value, which as intangible assets add to a company's balance sheet and
increase enterprise value. Evidence suggests that some companies, especially in the
US, are using IP creatively, but there is much room to enhance effective management
of IP portfolios.
At a country level, the US has approached IP strategically with high level political
input and created an IP infrastructure that underpins IP creation and protection. As
a result, effective management of intellectual assets is a key building block for US
economic policy.
In Japan, the establishment of the Strategic Council on Intellectual Property
and subsequent reforms lead by the former Prime Minister Koizumi indicate strong
support to develop Japan as an “IP nation”.
Major shifts have been taking place in China over the last twenty years
and increasingly rapidly in the last few years. China now has an increasingly
well-developed IP system and the Government is aware of its shortcomings and
is willing to address them.
In the EU, the picture is less encouraging. Although EU patents granted by
EPO are of good quality, the patent system itself remains fragmented, slow and
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