Why Registering Patents Are Vital For Pharmaceutical Marketing in the Middle East?
Inventors in the pharmaceutical industry, pharmacists, for instance, consider patents as the most significant form of IP protection for their products. However, inventors must note that a pharmaceutical product can be patented in the UAE if it is produced through a novel manufacturing method, provides a solution for an existing problem, and offers industrial application.
Even though big companies utilise their patent rights efficiently, there are many startups that downplay the importance of patent registration. Many such inventors are even unaware of the significance of patents as a marketing tool. If you belong to such a group, read the following to know further about it:
Patents Protect Pharmaceutical Products
Patents granted to the creators of new pharmaceutical products provide protection to such products for 20 years, provided that annual renewal fees are paid. Patents protect their owners against reproduction, imitation, or identification of their inventive products. Inventors can consult with patent agents in Dubai to navigate the challenges of legal formalities.
Businesses can Benefit from Patent Licensing
Patent owners in the pharmaceutical industry are allowed to grant others a license to use their products. The provisions of patent licensing in the UAE are based on terms agreed upon by both parties. Patent owners can also sell their patent rights to third parties as per a deed of assignment. Such provisions allow the inventors to gain profits from their patented products. Inventors can consult with patent agents in Dubai to get their products protected through patents so that they can leverage the benefits of patent licensing.
Patents Allow Companies to Set Prices High
Protecting their products through patent registration allows pharmaceutical companies to set prices at a high level. Conducting patent registration allows the companies to have a monopoly over the products, giving them the power to set prices high. Furthermore, there won’t be any competitive economic forces that normally can bring down the price. This can be a source of complaint from the side of the consumers as prescription drugs will be priced higher than most people would like. However, pharmaceutical companies need to profit from their existing patents to spend billions of dollars on research and development.
Patents Boost Spending on Research and Development
A wide range of pharmaceutical products can be protected through patent registration including prescription drugs. Unlike other industries, patents in the pharmaceutical industry are unique and more significant due to the laboratory research and clinical trials involved. The research and development involved in the pharmaceutical industry are costly for the company and it is usually met through capital investment expecting that the result will lead to profit for the company.
The profits on patented prescription drugs make continued research and the development of new prescriptions possible. Strong patent protection is essential in order to recoup such capital investments, as well as to incentivise them to engage in further innovation.
Patents Support Innovation
While conducting patent registration, the state grants inventor an exclusive right to manufacture and sale of the product in exchange for public disclosure. In return for the exclusive right obtained for 20 years, the patent owner publishes the results of the scientific research that boosts innovation. The public disclosure of the invention ensures that scientific progress is continued as each invention will be built on the previous ones. The public disclosure ensures that each invention is made immediately available to the global research community.
Consult with Jitendra Intellectual Property
Jitendra Intellectual Property (JIP) is one of the pioneers in the field of IP protection, especially patent registration in the UAE. JIP’s trademark agents in Dubai provide comprehensive services to meet the requirements of its beneficiaries. Our trademark services in the UAE include patents registration, patent anti-infringement and consultation services related to patents, trademarks, industrial designs, etc.
JIP provides its patent services through a team of specialized experts who are highly qualified and experienced in the field of IP registration and protection. JIP guarantees the speedy completion of its IP transactions and follow-up and success of patent registration procedures. Apart from the UAE, we provide services across the GCC countries.