INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 2
Introduction
According to Kippenhan et al. (2023, pp. 184), “Intellectual property is property that
comes from creativity, also carries a bundle of sticks, both for the creator of the property and for
the community”. There are four types of intellectual property, and there is a law for each one.
They are trademark or trade dress, copyright, patent, and trade secrets. However, there is a
conflict in the law between the benefits for the manufacturers who create the products and
benefits to the consumers. The creators have exclusive rights for a limited time, and the creators
want to benefit from the value of the property. The community wants to benefit from the
creation. The law allows the manufacturers to charge whatever they want. So the conflict is why
the law is allowing this and is it right.
Problem
According to Birgitte Andersen (2002/ 2010), many ideas are used or owned by efficient
entrepreneurs, but inventors that are not so efficient should license or sell their ideas. Inventors
will not be encouraged to create new products nor recover the costs of invention if there were no
intellectual property rights. It was further claimed that legal protection of property creates
incentives to use resources more efficiently, and foster competitive products. Therefore, as a
CEO of a pharmaceutical manufacturer, I spend millions of dollars over many years in creating,
testing, developing and getting the government’s approval for new drug. I have to protect my
property so that I can continue to develop and create new drugs. How would I protect my
intellectual property while meeting the needs of the public who benefit from the drugs?
Recommendations
Profit and return on investment for company owners/shareholders
INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 3
According to Das and Upadhyaya, (2023), intellectual property that has a strong portfolio
has the potential to create wealth and bring life to a failing business. This can be done by having
a valuation. After valuation, you can generate revenue by various ways. One way is licensing,
which is in its early stage but it is the best and easiest way. Some sell the patents that they do not
need. Next, if you are taking out a mortgage, you will need collateral. You can use the
intellectual property as collateral. Another way is by direct funding from investors. Yet another
is patent pooling, where all similar patens are brought together and both the sellers and buyers
make revenue. However, just like people, every company is different and therefore the approach
to generating revenue will be different. For example: Apple pays Qualcomm quarterly royalty
fees for using Qualcomm chipset in their smart phones. Academic Institutions can also
commercialize their property, or simply enforce their legal rights like the University of
Wisconsin did in 2017.
Protecting intellectual property of the company
Companies have to protect their intellectual property. There are various ways in which
companies can protect their property depending on the size of the company. According to Shultz
II and Saporito (1996, pp.18-28), there are ten ways in which a company can protect their
properties. They are to do nothing, co-opt offenders, educate stakeholders at the source;
advertise; in cooperate high-tech labeling, create a moving target, legislation, coalitions, and
cede the industry. In additional, Gouchev Law, New York (2002) have some steps to protecting
your property based on various federal and state laws. These steps are to keep business ideas and
trade secrets a secret; document your concepts and original content in detail; apply for a
trademark; register all your intellectual property, trade secrets and creative works; and make the
investment.
INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 4
Needs of patients, practitioners, and society
The Article on Intellectual Property in our Daily Lives (2015), says that lives and
economies are improved by intellectual property, that is, we have entertainment, productivity,
and fun. There are continuous development on new and high-quality inventions across the globe.
According to Healthcare Patents (2023), healthcare patents are important because it affects
innovation and ensures the inventor gets a profit. Patent cost may be higher than intellectual
property rights, but it can benefit practitioners and patients. Healthcare patents once licensed can
benefit from royalties from those who hold the patent. (Kippenhan et al., 2023 pp. 184-199).
Therefore, with healthcare patents, generic forms of healthcare products can be developed and
quickly put on the market. Practitioners will have an alternative to offer patients who cannot
afford the price of manufacturers.
Biblical support and guidance for your positions
According to John Piper (2015, Episode 747), there are three precepts that lay the
foundation of intellectual property rights. One is the Biblical command not to steal. This implies
if you took something from someone without them giving it to you, you took their personal
property. According to Romans 13:9 (New King James Online Version, 1982/2023), “…You
shall not steal …”. This implies the owner has a right to trade or sell whatever they have to make
a living. The second involves Colossians 3:9 states, “Do not lie to one another, since you have
put off the old man with his deeds …”. (New King James Online Version, 1982/2023). Which
means you cannot claim something is yours when it is not, you will be lying. The third is the
Biblical command to work because when one work they should be remunerated. This involves
Ephesians 4:28, which states, “Let him who stole steal no longer, but rather let him labor,
working with his hands what is good, that he may have something to give him who has need”.
INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 5
(New King James Online Version, 1982/2023). Therefore, a man must be engaged in honest
work and be compensated for the work he does so he can get the things he need and even share
freely with others in need.
Conclusion
In conclusion, according to Lee Davis (2002/2010), “There can be little doubt that
patents have become increasingly important to firms to enhance the value of their intangible
assets, help them to achieve a stronger position in global markets, facilitate the trading of
intellectual property, and protect newly emerging technologies that were earlier subject to weak
or non-existent intellectual property protection”. Consequently, as a CEO of a pharmaceutical
manufacturer, I would patent my intellectual property which would encourage innovations that
everyone can benefit from. It would provide improvements in the areas such as surgical
instruments, hospital equipment, prostheses, software, biotechnology, but especially
pharmaceuticals. It would additionally provide a competitive edge for us when bringing
innovations to market. The patent system providing incentives for my company to make the
necessary investments into research would benefit society by making the patent available to
other researchers (Upcounsel, 2023). Therefore, through patent protection, my company can
license the patent and make the revenue needed to improve upon existing drugs or develop new
drugs, due to collecting royalties from those making a generic form based on our patents.
(Kippenham et al., 2023 pp. 199). It may be costly and a hassle, but when we have many patents
out there it will be worth it.
INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 6
References
Andersen, B. (May 12, 2010). If “intellectual property rights’ is the answer, what is the question?
Revisiting the patent controversies. Economics of Innovation and New Technology.
Volume 13, 2004. Issue 5. pp. 417-442. Taylor & Francis Online.
https://doi.org/10.1080/1043859042000188692 (Original work published 16 September,
2002)
Das, D. K. & Upadhyaya, P. (2023). How to Generate Revenue from Intellectual Property.
Sagacious IP.https://sagaciousresearch.com/blog/how-to-generate-revenue-from-
intellectual-property/#:~:text=Licensing%20and%20Sales,royalty%20revenues%20as
%20financial%20resources.
Davis, L. (May 12, 2010). Intellectual property right, strategy and policy. Economics of
Innovation and New Technology. Volume 13, 2004. Issue 5. pp. 399-415. Taylor &
Francis Online. https://doi.org/10.1080/1043859042000188683 (Original work published
17 September, 2002)
Gouchev Law, New York. (2022). 5 Steps to Protecting Your Intellectual Property.
https://gouchevlaw.com/5-steps-protecting-intellectual-property/
Kippenhan, N. J., Kubasek, N., Browne, M. N., Herron, D. J., Dhooge, L. J. & Barkacs, L.
(2023). Biblical Worldview of Dynamic Business Law the Essentials. McGraw-Hill
Education LLC.
New King James Online Version (2023). Romans 13:9. Bible Gateway Online.
https://www.biblegateway.com/passage/?search=romans+13%3A9&version=NKJV
(Original work published by Thomas Nelson, 1982).
New King James Online Version (2023). Colossians 3:9. Bible Gateway Online.
INTELLECTUAL PROPERTY PRIORITIES ASSIGNMENT 7
https://www.biblegateway.com/passage/?search=colossians+3%3A9&version=NKJV
(Original work published by Thomas Nelson, 1982).
New King James Online Version (2023). Ephesians 4:28. Bible Gateway Online.
https://www.biblegateway.com/passage/?search=ephesians+4%3A28&version=NKJV
(Original work published by Thomas Nelson, 1982).
Piper, J. (December 10, 2015). Do I Own My Art? On Intellectual Property Rights. Desiring
God. Episode 747. https://www.desiringgod.org/interviews/do-i-own-my-art-on-
intellectual-property-rights
Saporito, B. (1996). Protecting intellectual property: Strategies and
recommendations to deter counterfeiting and brand piracy in global markets. (pp. 18-28).
The Columbia Journal of World Business. Volume 31, Issue 1. ScienceDirect.
https://doi.org/10.1016/S0022-5428(96)90003-4
Sharma, C. (May 19, 2015). Intellectual Property in our Daily Lives. IIPTA.
https://www.iipta.com/intellectual-property-in-our-daily-lives/#:~:text=It%20enhances
%20our%20lives%2C%20grows,IP%20to%20advance%20their%20work.
Shultz II, C. J., & Intellectual Property and Healthcare in 2020. (2023). Healthcare Patents.
Referral MD.https://getreferralmd.com/2019/12/intellectual-property-and-healthcare-in-
2020/
Upcounsel (2023). Healthcare Patents: Everything You Need to Know.
https://www.upcounsel.com/healthcare-patents#:~:text=Patent%20owners%20have
%20exclusive%20rights,a%20tough%20path%20to%20market.
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