Key Insights for Patent Registration by Pharmaceutical Companies
The pharmaceutical industry is in the thick of action now more than ever due to the unprecedented health crisis called the COVID-19 pandemic. A lot of prominent pharmaceutical giants have come up with vaccines and many of them got approvals. Many other companies are conducting research and development (R&D) not only for vaccines but a possible drug to fight the Coronavirus. Due to the intense competition, pharmaceutical companies focussing on innovative drugs must perform patent registration in the UAE.
However, many inventors in the pharmaceutical industry, pharmacists, for example, wonder about the process and requirements to register patents for their pharmaceutical products in the UAE. The patent regimes may vary depending on the jurisdictions and a company that targets the larger Middle East market should understand the nuances of patent registration in the UAE. Read the following to find answers for key patent insights for innovators in the pharmaceutical industry:
UAE Patent Registration: The Basics
Patent registration in the UAE is governed by Federal Law No. 31 of 2016, promulgated by Law No. 17 of 2002 on Regulation and Protection of Industrial Property of Patents, Industrial Drawings and Designs. As per this legislation, the UAE grants patent protection to all fields of technology, provided that such an idea or innovative improvement has a scientific basis and is applicable. Further, the invention should be deemed industrially applicable in the broadest term. A pharmaceutical innovation that is novel and has an industrial application is eligible for patent registration in the UAE.
What do patents provide for their owners?
A patent is considered a safe tool in the hands of its owner. It gives its owner an exclusive right on its inventive product against reproduction, imitation, or identification. Patents granted to the creators of new pharmaceutical products protect such products for 20 years, provided that annual renewal fees are paid. Patents protect their owners against reproduction in many ways.
Patents Help to Stand out from Generic Drugs
In the pharmaceutical industry, innovation instils a dramatic impact on the bottom line of drugmakers. As a result, innovators in the sector focus more on R & D to overcome the competition and gain market share. Innovation is a critical element that decides the success of drugmakers. Furthermore, innovation helps research-based pharmaceutical companies to distinguish themselves from generic manufacturing companies.
Using innovation as a growth driver, most pharmaceutical companies make a high return on investments. Developing new drugs and launching them in the market requires an enormous amount of money and the success or failure of the drug spends on the innovation. Since the stakes are high, pharmaceutical companies need to spend more on innovation. Patenting these innovative products helps the companies to recover these costs as they gain IP protection for the innovation.
Impact of patent protection
Intellectual property rights, especially patents, are the bedrock of the pharma industry as the industry solely relies on innovation that can be monetized in the future. Patents in the pharma industry are generally treated equivalent to their product portfolio and are one of the effective ways to protect innovation and generate a return on investment. They play an integral role in the pharmaceutical industry to safeguard the inventions of the company, thus helping to produce drugs that meet patient needs in developing and developed countries. Patents are also critical for the industry as they help in recouping investments incurred during research and development, and marketing of the drug.
Expiry of Pharmaceutical Patents
After the expiration of the protection period, which is specified under the international law for patents and differs from one country to another, the patent owner loses his/her exclusive rights in using such a patent and the invention falls into the public domain, and it becomes available for use by anyone according to the legally commercial methods.
Patents give their owners, whether individuals or entities, crucial weight regarding the commercial investment of patents. Moreover, the patent system gives the owners a strong position that qualifies them for competitiveness and gives them an edge over other competitors in the market.
Seek the Help of Patent Registration Agents in UAE
Patent protection in the UAE is extremely necessary for pharmaceutical companies to safeguard themselves against generic companies inside the UAE and in turn place less reliance on patents of origin. The UAE’s patent protection regime is strong but involves a series of complex steps. However, the assistance of the best patent registration agents in Dubai such as Jitendra Intellectual Property (JIP) will come in handy for the inventors. JIP has a team of patent advisers in Dubai who can help the innovators with drafting the documents and submitting them without any error to the MoE.