The concept of intellectual property

Before proceeding to take your technology to the market place, you should first consider its protection. There is no point spending effort and time in entering a market when competitors could easily copy your idea and sweep you aside with a better integrated or superior marketing strategy. Legal protection may not stop this, but at least you will have some form of redress and a platform from which to build. Whilst the emphasis in this book will be placed upon the biotechnology industry, it is well to remember that the rapid fluxes inherent in this industry lead to a similar rapid evolution of the intellectual property position.

Intellectual property (IP) is the driving force of any business. Businesses acquire assets in the form of buildings, labour, etc. and these have a tangible value. However, what differentiates businesses is their ability to turn these assets into greater profits. This requires ‘know how’, the techniques, experience and awareness to turn the assets to best advantage. This is in part inherent in the expertise of the staff that have been employed but is also resident in the intellectual property. This is the protectable part of the ‘know how’ and is the source of added business value. The right to use intellectual property (an intellectual property right or IPR) is responsible for the establishment of markets, for generating loyalty, for controlling the industry and above all, for generating profit.