Question

LabPharma is a small medical organization that has designed an innovative insulin delivery system that uses transdermal patches. This technology has been through extensive clinical trials and has been shown to be most effective for treating gestational diabetes. LabPharma has come to know of a company in the process of developing a similar patch. Even though LabPharma is significantly ahead of development than its competitor, it is considering patenting its system.

1. Discuss the pros and cons for LabPharma for patenting their transdermal insulin delivery system.
2. Should the company apply for a patent?

Answer 1

pros for LabPharma for patenting their transdermal insulin delivery system are as follows -

1) Patent will stop any other company of your competition to manufacture and sell your creation.

2) Patent completely terminate the competition in the market for a pre-determined period. So, you can capture great share in the market.

Cons for LabPharma for patenting their transdermal insulin delivery system -

1) Applying for the patent for your invention is a very time consuming and long process. It might even take years to get the patent.

2) Getting a patent is costly and risky too as you have to pay the money for patent without even aware about the success of the product. You've to pay annual fees too.

Inspite of the disadvantages, LabPharma should definitely apply for the patent if the technology is innovative and will provide benefit to the LabPharma in future.

PLEASE RATE WITH A THUMBS UP