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01 October 2008

How pharma companies can leverage their IP rights

Pharmaceutical companies are adopting new IP strategies to stay competitive. Rakesh Mishra and GVS Sesha Kumar review some of the most successful examples

One-minute read
The pharmaceutical business is highly complex and competitive. It includes areas such as drug discovery, novel drug delivery systems, novel formulations, process technology, specialty products, generic versions and biosimilars. IP rights, and in particular patents, play a crucial role in giving companies a lead in a market. They are business as well as legal assets. As the pipeline of new chemical entities developed worldwide slows down, it is vitally important to follow the correct strategies when filing and licensing patents to maximise the duration and effectiveness of those patent rights.

The way in which the pharmaceutical company uses IP depends largely on its business strategy; its size, resources, innovative capacity, competitive arena and field of expertise. Without any doubt the patent system has played and will continue to play a vital role in the growth of the pharmaceutical industry. A patent is a powerful business tool that allows a company to gain exclusivity in the market over a new product or process, develop a strong market position and earn additional profits through licensing. In some countries, a longer period of protection may be obtained for pharmaceutical products to compensate for the loss of the effective period of protection due to delays in obtaining marketing approval from the relevant public health regulatory bodies.

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