Intellectual property (IP) plays a crucial role in materializing and protecting an innovative
technology and paves a way for it to reach the market. There are different ways to commercialize intellectual property based on the organization’s policy and intellectual capital. Similarly, a patent owner can turn the invention into a viable product and sell it in the market or he can assign or license a patent to another party. Accordingly, commercialization of the invention is an integral part of the process starting from the inception of the idea, checking its applicability, experimentation work, protecting the intellectual property up to monetization.
Article by Pankaj Musyuni and Rebecca Mathai providing a gist of some steps which can be considered by an inventor or an industry for commercialization of the invention and is supported by some successful examples which illustrate strategies adopted by pharma companies before introducing a product into the market and how IP protection supplements this strategy.
1st published on Lexology.