As advancements are made in the medical industry, inventors of medical devices need to be aware of the importance of ensuring their intellectual property (IP) is adequately protected. Perhaps the best way to demonstrate why IP protection is essential is to examine the different types of IP protection and how they apply to medical devices, and what can happen when companies forgo the important first step of properly protecting their devices and processes for medical device IP.
The world we live in is constantly evolving, and the commercial, technological landscape is growing by leaps and bounds. In fact, 84% of the value of S&P 500 companies in 2018 consisted of intangibles, such as intellectual property (IP) rights. As a result, it is difficult for investors to ignore the many advantages of investing in IP.