Intellectual Property Strategies
Enormous investments in product development make patent strategies for life science companies mandatory for business success.
Three different patent categories exist which are matter, process and application patents. Their value is different and depending on the respective life science business a company is in, their use may differ. Ground breaking patents and patent families are the instruments to play with in patent and in a broader view intellectual property strategies. Company size and business strategy will have an influence on the selected strategy which has to be endorsed by top management. Globalization makes international patent applications almost mandatory but the investments have to be made carefully. Trade secrets are valuable but have their risks and costs. Measures have to be installed to make them as safe as possible. Brands are important in life science intellectual property strategies especially for nutritional supplements and OTC pharmaceuticals business. Intellectual property strategies have to be developed and implemented professionally to increase the chances for business success.