Part of the mystery of intellectual property (IP) lies in its intangible nature. After all, when a person gets a patent, all they have to show off are a few papers. However, businesses are increasingly recognizing the value that these few papers can hold.
For example, Express Route (in IP Law & Business) states that American Express went from ten to fifty patents in just five years. In the same time, licensing revenue also entered the picture, adding millions to the company coffers. Quite impressive for some papers that would likely all fit within my briefcase.
Some of the most valuable patents may be pharmaceuticals. Sometimes, the patents are so valuable that the patent holder will actually pay competitors to stay out of the market after the patent expires. Are Reverse Payments Really a Game? gives a little more insight into this practice, while reviewing the article The Gaming of Pharmaceutical Patents. For more information on the games the drug industry pays to keep profits intact, see my 2003 article Are Patents Really Limited to 20 Years? - A Closer Look at Pharmaceuticals.
This growing awareness of the value of IP is not limited to American companies. I/P Updates reports Nikkei Business Names Top Japanese Patent Attorneys and Judges.
While large companies are responding to the value of IP, start-ups and small technology companies also need an effective IP strategy. IP Counsel Blog has posted the first installment of a two-part series on the issue. Practice Tips For Developing A Patent Portfolio Strategy (Part I: Identifying Business Goals And Evaluating Company Assets) sets forth five steps to help businesses match assets with goals and identify how the patent portfolio should look.
The second installment of the two-part series has been posted. See Practice Tips For Developing A Patent Portfolio Strategy (Part II: Implementing The Plan).
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