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Developing An IP Strategy

A company can use intellectual property rights and develope an IP Strategy to gain and sustain competitive advantage. Developing an IP Strategy is more than simply reviewing IP portfolio and making recommendations around those assets. Real development of IP strategy is about applying an integrated, multidisciplinary approach to determining which markets to pursue, and establish a IP strategy to win in those markets, then driving it through execution. Patenting and use of other IP instruments has more to do with their usefulness in corporate strategies, blocking competition and providing bargaining chips for cross-licensing.

How the production and exchange of technology differs from more traditional economic goods?  How can we get an early warning of IP conflicts? What options do IP rights offer as against the advantages enjoyed by the competitors? Do we have the tools and IP strategies for creating and leveraging our IP Portfolio? Do employer policies and IP strategy affect incentives to discover new commercially valuable technologies? Success has been driven by the development of intellectual property strategy for many companies.

Information dissemination is rapid today calling for greater protection of ideas. People are now aware of the importance of intellectual property law and trade secrets law. We can carry out extensive patent searches in other countries so we don't reinvent the wheel. We don't need to copy patents that already exist. Competitors' patents also provides invaluable marketing knowledge.

IP includes intangible assets of a company. IP is one of the strong driving forces behind the successful growth of a company. A company could register a patent only in the specific countries where it will be doing business. Knowledge is now the principal economic asset and its management have become the key areas of corporate strategy. Globalization and the use of IPRs and strategies in the US, EU, Japan and China and the protection of IP in specific industry groups provides the strategy perspective in a globalized world. Accounting and integration of the value of IP portfolios into corporate financial strategies is gaining importance.

Rajrathnam V P, Attorney/Advocate and IPR Consultant - rajrathnamvp@yahoo.co.in