LONDON, September 18, 2018 /PRNewswire/ --
In a recent interview with Legal IQ, Ryan Zurek, Managing Director, Ocean Tomo, LLC described the Life Science IP market as 'highly inefficient' explaining that early stage life science companies often prefer to focus on proof of concept and hiring capable employees rather than cultivating a patent portfolio. Zurek asserts that these IP inefficiencies could lead to long-term problems for life science companies when trying to raise capital.
Despite having the power to unlock new remedies for previously incurable diseases, the life science IP market is currently saturated with exponential R&D costs and a complex regulatory landscape. In order to thrive in this challenging market, pharmaceutical innovators must ensure they cultivate a strong and broad patent portfolio to secure success for their business in the long term.
Zurek said of life science companies at the later stages of development, "a deficiency of patent protection can result in millions of dollars of losses, particularly once generics can access the market. IP and finding ways to extend the life of a portfolio and product is critical to maintaining a monopoly."
For organisations that have a strong IP portfolio Zurek says that there is capital available but the market is highly inefficient at putting those institutes together with the right resources needed to move to the later stages of development.
In an environment where holding a patent in the US, Europe and Japan covers 80% of the worldwide market in pharmaceutical sales, companies no longer need to hold a patent in multiple countries to capture a majority of market protection. However, the inefficiencies of the market and uncertainly around whether or not a product is going to become a commercially viable makes the life science space challenging.
In terms of addressing these inefficiencies, Zurek says that this organisation is helping provide access to capital for organisations that feel their IP portfolio is being targeted by another company. He also says that patent pools, which are currently uncommon, may evolve in the space as many biotech and pharma companies follow the model of exclusive licensing.
Ryan Zurek, Managing Director, Ocean Tomo, LLC will be taking part in a panel discussion on 'Alternative sources of IP monetisation' at the Life Science IP Forum taking place 27th-28th November 2018 in London. Read the full article here.
For more information or to reserve your place at the Life Science IP event call +44-(0)-207-036-1300 or email firstname.lastname@example.org
SOURCE Legal IQ