Using intellectual property rights to drive sustainability
To encourage sustainability within the NHS, there needs to be a clear focus on innovation to create efficiencies and to reduce waste in the ways that products are made, transported and used and also in working practices. Altruistic ideals of working to benefit the environment and each other may go some way to encourage such innovation. However, awareness of the potential commercial benefits flowing from creating new intellectual property (”IP”) may be a powerful additional incentive. Actively encouraging collaboration and the creation of ideas could intensify the focus on innovation and accelerate greater sustainability in the NHS.
This blog aims to demystify the role that intellectual property (“IP”) could play in driving sustainability.
Using Intellectual Property as a foundation to innovate
Patents play a key part in the innovation space as they provide protection for inventions.
Obtaining IP protection and understanding the basics of IP law is crucial when seeking to drive innovation.
IP is an umbrella term for different legal rights which afford their owner various benefits depending on the IP right in question. Some of these IP rights, such as copyright, arise automatically when certain criteria are satisfied, whereas others are obtained by making an application for registration (such as a patent). As the owner of an IP right can generally stop others using or copying their ideas without consent (IP infringement), IP rights create a competitive advantage and they can be used to create income, as explained below.
So, there is real value in being able to identify IP, ensuring that it is owned by the correct party and taking steps to protect it, by filing applications for registration, if appropriate. Gaining an understanding of the IP landscape can help you to avoid infringing the rights of others, your IP being misused by others, costly disputes as to ownership and missing opportunities to obtain valuable protection of (and potentially, rights to exploit) IP.
Gaining an understanding of the IP landscape can help you to avoid infringing the rights of others and your IP being misused.
Innovation can be driven through the creation of new products or processes, or the improvement of existing ones, where they result in something new. Patents play a key part in the innovation space as they provide protection for inventions. To obtain a patent an invention must be ‘inventive’ over what is already known in the relevant field of technology. It also must be ‘novel’ when compared to what is already in the public domain. This means that an inventive concept is only eligible for patent protection if it is confidential at the time of filing the patent application. For this reason, an understanding of how to protect confidential information such as inventions, particularly in the context of disclosures to third parties (for example, through the use of non-disclosure agreements), is paramount.
The rules governing ownership of IP need careful thought. If you ask a third party to carry out work for you or if you collaborate with others, it is important to protect your position when negotiating contractual documents; for instance, by considering issues such as IP ownership and by ensuring that you have all necessary rights and permissions to enable you to exploit the output of the project as envisaged. Since not all new ideas will constitute patentable inventions, protecting new confidential information may be imperative for commercial and/or legal reasons. It is therefore sensible to seek legal advice before embarking on a project involving third parties.
Realising the commercial value of intellectual property
A business or organisation with valuable IP who can demonstrate that it has protected its IP is one that is more likely to attract investors.
Certain IP rights (such as patents) confer monopoly rights on their owners, who have the right to prevent third parties from using that IP without permission in the country where the IP is registered and thereby creating barriers to competitors during the duration of the IP right. Others (such as copyright) allow the owner to prevent copying. If a third-party misuses another’s IP without permission, this entitles the owner to enforce that IP to recover financial compensation as well as to stop infringing activity (amongst other things).
If a third-party misuses another’s IP without permission, this entitles the owner to enforce that IP to recover financial compensation.
For these reasons, IP is often a valuable commercial which can be commercialised in a number of ways. For example, it can be sold to raise money or used as security for a loan. It can also be licensed to third parties to generate revenue streams, typically on the basis that the licensee will pay royalties. Often the same IP right could be licensed to a number of licensees for different uses or to various licensees in different countries to create multiple revenue streams.
A business or organisation with valuable IP who can demonstrate that it has protected (and where appropriate, exploited) its IP is one that is more likely to attract investors. Investors expect to receive a return on investment. The commercialisation of IP can therefore be a powerful tool and add significant value to a business.
How Clarion can help?
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Clarion has a dedicated team of IP lawyers who would be delighted to assist with any aspect of IP clearance searching, protection, commercialisation or enforcement. We can help with the identification of IP rights and prepare documentation to ensure appropriate ownership of IP. We can advise on assignments, licences, investor and collaboration agreements and security documents to enable the commercialisation of IP rights, and work with you to devise strategies to maximise revenue from IP rights (which in turn increases their value). We can also act for you in IP infringement and validity disputes. Please do not hesitate to contact us if you would like further information in relation to our services. You can also visit our website.