Question

What is intellectual property? How does it relate to product development and with clinical trials?

Answer 1

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others.The most well-known types are copyrights, patents, trademarks, and trade secrets.

The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods.To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time. This gives economic incentive for their creation, because it allows people to profit from the information and intellectual goods they create.These economic incentives are expected to stimulate innovation and contribute to the technological progress of countries, which depends on the extent of protection granted to innovators.

B) intellectual property and product development

Innovation is not the same as invention. Innovation is a process, which begins from the conception of an idea to the launching of a new product/process in the market place.

Intellectual property rights can be used effectively to facilitate successful innovation. Innovative technologies that is product development stands a better chance of successfully reaching the marketplace if IP is used strategically. Gauging the importance of IP in innovation by merely focusing on patents as input and/or output of innovation, does not do justice to the significant role that can be played by the other tools of IP.

Intellectual property in clinical trials

Despite other forms of intellectual property, creating a CT encourages investment into the creation, maintenance, development, disclosure, and efficient use of clinical trials and thereby affording the public a benefit. Moreover, the recognition of the CT, like other forms of intellectual property, allows for the CT to be treated as a commodity and thus sold, licensed, and transferred.

When there is an ongoing clinical trial taking place it also can come under intellectual property that will reserve it's tight to the. Ones that discovere it