Medical Device Advancement and Monetization Necessitate Intellectual Property Management and Spin-offs

Abstract

There is fierce competition in the market for medical devices, and any innovations that have been made should protect the duration of patents. As a result, researchers must adhere to intellectual property rights from the time of invention to its completion and compete with others until the medical device is set to be released into the market. Medical devices include a vast range of goods such as; surgical implants, diagnostic kits, drug delivery systems, and so on. There is a massive opportunity to establish medical devices by leveraging new technologies that can be protected and monopolized through various intellectual property rights. After securing intellectual property rights, a medical device is developed as and when researchers find it at different phases of development. The 3I process (identity, invent, and implement) has been referred to in the article to guide medical device innovators on varied IP aspects linked with each phase. The Patent Cooperation Treaty (PCT) assists applicants in obtaining international patent protection for inventions, assists patent offices in making patent-granting decisions, and facilitates public access to a wealth of technical information about those inventions.