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A medical products company or pharmaceutical company can spend millions on developing new products. The expenditures include, among other things, research, development and the associated expense of obtaining FDA approval for the drug or device in the United States. To protect this investment, it is imperative that the company develops a strategy that uses patents, trademarks, copyrights, trade secrets and confidentiality agreements to create and protect the proprietary technology developed.
Patents provide one of the most useful and strongest forms of protection available. However, developing and maintaining a patent portfolio of U.S. and foreign patents to protect a company's proprietary technology in the long term is a daunting undertaking financially.
The costs of obtaining and maintaining foreign patents on one invention worldwide in just 7 to 10 countries can easily run into the six-figure range over the effective term of the patents. The typical successful pharmaceutical or medical products company may have a portfolio of several hundred, if not thousands, of active patent applications and patents; thus the financial budget is an essential concern.
However, the development and maintenance of a patent portfolio should not be looked upon as merely a cost of doing business. A good patent portfolio in and of itself can be an extremely valuable asset and the difference between success or failure of the company.
The key to the cost effective development and management...