Improve Your IP Position in an HourLife Sciences Vector
By: Lisa M. Warren
May 8, 2018
With the first quarter of the year in the rear view mirror, has the momentum of all those New Year’s resolutions passed you by? As spring shows its face, now is the time for a resolution reboot to improve your IP position with these actionable suggestions.
Sounds simple, but many an innovation is lost due to simple failure to identify and track it. You can’t assess or measure what you don’t capture, so put in place a simple method for employees to report their discoveries. Make an invention disclosure form, like this one, readily available to all employees. Provide a clear process by which the forms are submitted and evaluated, and report the analysis and results of the evaluation to the submitter in a timely manner. Some companies solicit invention disclosure submissions on a monthly or quarterly basis, and some provide small rewards or recognition for submission.
Know the current landscape
The landscape upon which companies operate today changes rapidly, both in terms of legal developments and competitive intelligence. Leaders stay on top of both areas, often using some combination of in-house and outside resources and technology. They know the current status of their closest competitors’ products and IP estates, and they understand the intersection with their own products, activities, and IP. In addition, they are aware of the current obstacles to patentability and best practices for overcoming them. Establish a plan for monitoring available information about your competitors, and periodically review your IP against their activities and vice versa. Ask your in-house or outside legal counsel to provide periodic updates on the law and practices in the technology field in which you operate (most will do so at no charge).
Engage your team
Creation and growth of an IP estate that adds value to an enterprise requires cross-disciplinary participation from the scientific and technical teams and the business and legal teams, including outside counsel. Programs that don’t involve all of these key elements often produce strategies and results that are misaligned with the focus of the company. Form a cross-disciplinary team and schedule quarterly meetings to ensure exchange of information and input from all segments. Create an agenda that includes scientific and business development updates, items of competitive intelligence, and discussion of upcoming significant decisions relating to your patent portfolio.
Now that you’re poised to regain the momentum you may have lost in the early part of the year, take an hour or so and act on these simple suggestions to reboot your IP resolutions – countdown and confetti optional.
For more information, please contact Lisa Warren.