Intellectual Property and Patents
Life Sciences & Intellectual Property
The life sciences sector has the potential to develop a wide range of innovative products for societal improvement, particularly in the healthcare. For organisations dealing with life sciences, Intellectual property rights must remain high priority. Intellectual property is one of the most valuable assets and must be protected.
The protection of IP is dependent upon its type. There are different types of intellectual property -Patents, Copyrights, Trademarks, Trade Secrets, Industrial design and more. For instance, medical devices, drugs, pharmaceuticals, diagnostic products, software, brand names and more need to be protected by appropriate intellectual property. Medical devices are patentable with some caveats
Patent Evaluation & Patent Prosecution
Patent is granted for an invention. It is an exclusive right granted to the inventor. Patents are significant for the Life Sciences industry. Inventions in life sciences generally involve enormous amount of investment and significantly longer time. Therefore, it is important to carefully plan the complete process. A number of challenges arise when protecting innovations in the field of life sciences through patents. Applicable legislations must be complied with from the very beginning stage of product development. Factors determining patentability can involve different challenges for some products. For instance, pharmaceuticals are subject to stricter patentability requirements and have an additional test for patentability laid down under the Patents Act, 1970.
The process of critically analyzing the market value of patents and its utility is called Patent Evaluation. To categorize patent as an asset, it is integral to do patent evaluation. Final outcome of a patent application is determined mainly by Patent Prosecution. A patent prosecution starts with the filing of a patent application. Having professional assistance by your side that assists you and represents your application at each step is crucial. With legal help from the initial stage of conception of the invention to its commercialization, the process can be made easier.
Contract Analysis, Drafting & Management
Transactions dealing with intellectual property rights in the life sciences industry involve contracts. In the Life Sciences sector, especially in relation to intellectual property, poorly managed or drafted contracts could make you lose your biggest assets and also invite liabilities. A thorough contract analysis might bring in different ways to improve your transactions with others. With this, you will have a greater visibility of obligations and risks involved and make better informed choices after understanding the specifics of the contract. In order to avoid issues that may arise from contracts and to maximize value, it is crucial to get your contracts reviewed by legal professionals.
Every business is different and will have different requirements. While drafting, a professional will keep the same in mind as well as ensure that the contract is within the applicable laws and regulations. Contracts involving intellectual property rights define the limit of the rights owned. If a party wishes to provide license or assign their intellectual property to another party then it must be done so through a well drafted contract in place. Having a proper contract management system in place is turning out to be a necessity as it can help you in dealing with growing complexities and can also prevent from creating litigation down the road.
Intellectual Property Consulting
Ideas and inventions need to protected. For eg, medical devices, pharmaceuticals, diagnostic products, brand names and more need to be protected by appropriate intellectual property. Intellectual property is an indispensable subject of businesses in the life sciences industry. It is essential to protect and manage your intellectual property assets in order to establish a competitive edge in the market.
For products that are in the initial stage of development, businesses must identify Inventions that are applicable for patent protection beforehand. Intellectual property consulting can help you with different aspects of the process. Different legislations need to be complied with. Keeping in mind the market and business requirements, a professional can provide an effective approach to deal with your intellectual property and its commercialization.
IP Due Diligence
It is a process to examine the intangible assets and obtain a broad understanding of the value, risks involved and its overall scope. Businesses get intellectual property (IP) due diligence done to assess their IP portfolio. It includes examining the validity of the IP rights involved as well as evaluating scope of their protection. In addition, calculating the risks involved and subsequently estimating the potential value that can be derived from the assets.
Professional skills are required to carry out an IP due diligence. This process helps in identifying any legal issues so that an appropriate action can be taken. From understanding the desired outcome from the proposed transaction to furnishing a report with a proper approach, a professional’s assistance can make the process hassle-free.
Infringement & Passing Off Actions
Intellectual property laws in India are laid down under different acts. Use of someone else’s intellectual property (IP) without the permission of the owner amounts to infringement. Protecting IP can get complicated and involve challenges. It is crucial to avoid the violation of another’s rights and the same can be ensured if you have a legal counsel by your side.
It is referred to as passing off when someone disguises his products or services as that of another person. In simple words, deceiving consumers into thinking that they are receiving the products or services of another. It can create confusion in the minds of the public, injure the reputation and ultimately cause damage to the original company’s business. Proving passing off claims can sometimes be challenging. It is important to take a professional’s help when making a passing off claim or defending you against allegations of passing off.