| The continued growth and prosperity of the pharmaceutical industry relies on the
exploitation of existing products and innovation. The industry faces, in particular,
difficulties of competition (both lawful and unlawful), heavy regulation, consumer
interest and public policy. It is vital for a pharmaceutical company to develop a
strategy that protects its position in the industry, allows it to expand, maximises its
investment and continues innovation whilst dealing with the competitive regulated
market. Intellectual property (IP) rights are critical tools which assist pharmaceutical
companies in crossing this minefield.
THE NEED FOR AN IP STRATEGY
In an industry where the cost of research
and development equates to 33.3 per cent
of the revenue from sales, it is crucial
for businesses to protect the investment
incurred in carrying out that R&D (1). IP
can be a pharmaceutical company’s most
valuable resource. Mismanagement and
failure to protect IP can lead to serious
damage to the value of a business. The
right IP strategy can maximise the return
on the investment and assist with
sustainability and commercialisation. |
