Intellectual Property Priorities

Intellectual property (IP) protection is based on the idea that innovation involves a lot of intellectual engagement, hence the need to protect innovative individuals from opportunists who may free-ride on their research. Protection of intellectual creativity comes in various forms, including trademarks, trade secrets protection, copyrights, and patents. Products/services may be protected by multiple intellectual property rights, especially if they constitute different utility elements. Critics of intellectual property rights argue that the broad nature of intellectual property rights stifles innovation and production by other players. Implementing IP protections stifles market entry by hiking the entry costs. If a product is in public demand and the IP owner cannot satisfy the demand, imposing intellectual property protections will lead to unfulfilled demand. This paper addresses the balancing act a drug company may adopt to protect intellectual property while meeting consumer demands.

Profits and ROI for Investors

A key consideration a pharmaceutical IP owner should put to mind is the need to ensure a return on investment (ROI) to investors while ensuring the drugs are affordable to the general public. Therefore, the pricing of any patented drug should take into account costs incurred during the development phase (Kubasek et al., 2019). The costs will be spread across a long period to ensure that the company gradually recoups the costs dedicated to research and development. By spreading costs over a long period, the business will have the opportunity to recoup resources invested in research and development and government applications to acquire IP licensing while ensuring the public can afford an essential drug.

Also, tiered pricing models will help in balancing profit-making and public interest. Using a tiered pricing model, the company will charge varied pricing across different demographics (Emanuel et al., 2021). Clients from geographical areas perceived to have wealthy individuals will pay relatively higher prices. On the other hand, clients who come from regions perceived to be economically disadvantaged will pay lower prices. In the real-world context, clients from European and American markets will pay higher prices, while those from third-world economies will purchase at slightly lower prices. This arrangement will help the company achieve ROI for shareholders while ensuring the public gets this essential drug.

Protecting Intellectual Property Rights

Securing a company’s intellectual property involves engaging robust legal strategies, leaving no loopholes that rivals may exploit. Patents will be used to protect the company’s intellectual property and help secure funds (Atkinson & Jones, 2009). The company will leverage its exclusive patents to negotiate financing from external stakeholders who may wish to invest in the pharmaceutical industry (Kubasek et al., 2019). These finances will improve the company’s bottom line, boost research and development initiatives, and ensure the company prices drugs favorably, especially for low-income earners.

Needs of Patients, Practitioners, and Society

The needs of patients, practitioners, and society should be protected even after a company acquires patents. If the company decides to strictly enforce the patent, then society members may lose out because of monopoly (Kubasek et al., 2019). To that end, there is a need for strategic alliances to ensure that a drug is widely produced to cater to the needs of patients, practitioners, and society. An alliance with a generic manufacturer offers rights to produce an equivalent drug, but it should be clearly stated that the drug is generic. Gurgula (2020) avers that pharmaceutical companies file secondary patents to prevent generic competition. Therefore, the company should avoid seeking secondary patents to allow generic competition. This will allow generic competitors to manufacture generic drugs that cater to shortages or patients’ inability to afford the original drug. In the long run, this will ensure that the needs of patients, society, and practitioners are well taken care of.

Biblical Perspective

Proverbs 31:8-9 says, “Speak up for those who cannot speak for themselves” (New revised standard version). The verse is intended to encourage justice and equity, particularly for vulnerable society members. This Biblical perspective encourages pharmaceuticals to enhance drug accessibility, especially for low-income earners who cannot afford to purchase the drugs at standard prices. Besides, people in war-torn areas need the drugs but may not access them due to the tough conditions that come with wars. Pharmaceutical companies should ease their patent conditions to bolster access to drugs.

Conclusion

Intellectual property protections are designed to protect the intellectual efforts that individuals and companies dedicate to implementing innovations. As shown above, drug manufacturing companies put significant effort into producing the drugs; hence, there is a need to protect them through patents and trade secret protection. However, pharmaceutical companies with IP protection should not ignore their responsibility to society, practitioners, and patients. Strategies such as tiered pricing and spreading costs will help a company balance profit-making and satisfying society’s needs. Tiered pricing is particularly vital since it allows the company to attain returns on investment while also taking care of the vulnerable. In the same breath, a pharmaceutical company should form alliances that allow generic production of drugs to cater to the needs of diverse markets whose needs the company cannot fulfill.

References

Atkinson, J. D., & Jones, R. (2009). Intellectual property and its role in the pharmaceutical industry. Future Medicinal Chemistry, 1(9), 1547–1550. https://doi.org/10.4155/fmc.09.138

Bible, H. (1995). New revised standard version. (1989). Nashville: Holman Bible Publishers.

Emanuel, E. J., Buchanan, A., Chan, S. Y., Fabre, C., Halliday, D., Heath, J., Herzog, L., Leland, R. J., McCoy, M. S., Norheim, O. F., Saenz, C., Schaefer, G. O., Tan, K.-C., Wellman, C. H., Wolff, J., & Persad, G. (2021). What are the obligations of pharmaceutical companies in a global health emergency? The Lancet, 398(10304), 1015–1020. https://doi.org/10.1016/s0140-6736(21)01378-7

Gurgula, O. (2020). Strategic Patenting by Pharmaceutical Companies – Should Competition    Law Intervene? IIC – International Review of Intellectual Property and Competition Law,       51(9), 1062–1085. https://doi.org/10.1007/s40319-020-00985-0

Kubasek, N. K., M Neil Browne, Dhooge, L. J., Herron, D. J., & Barkacs, L. L. (2019). Dynamic business law. Mcgraw-Hill Education.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

---

Paper: Intellectual Property Priorities Assignment Instructions

Intellectual property (IP) is a significant asset for most companies. Patented products and processes often enable the company’s very existence. Just as any other asset, IP must be managed and protected in line with the fundamentals and mission of a company’s business and with the requirements of IP law.

Review Business Ethics Flashpoint 8.1: Creator/Consumer Balance (located at the end of the ebook section on intellectual property). This section of the text portrays negative actions and perceptions of pharmaceutical and healthcare companies, but there were also many positive examples during the Covid-19 pandemic as companies set aside competitive interests to provide testing, equipment, and research in a more collaborative manner.

The primary balance remains the same: the rights and interests of the creator of the intellectual property compared to the needs of the consumers of the product.

Question: If you were the CEO of a pharmaceutical manufacturer that had spent many years and millions of dollars in creating, developing, testing, and getting government approval for a new drug, how would you address the issues of protecting your intellectual property while meeting the patient/public needs for that drug?

Consider, for example:

• Profit and return on investment for company owners/shareholders
• Protecting intellectual property of the company
• Needs of patients, practitioners, and society
• Biblical support and guidance for your positions
• Any other legal and ethical concepts you believe may be relevant

Support your analysis with at least 3 scholarly sources other than the course materials, cited in-text and in a reference list. You must also integrate Scripture and Biblical worldview analysis.

This paper must contain at least 800 words and follow current APA format but does not require an abstract. The title page and reference list do not count towards the length requirement. Submit your paper as a Word document.

Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.