Learn how to rise to challenges such as patent and regulatory concerns, legal matters and drug registration in new emerging markets. Are you asking why and how? Let's cut this Gordian knot.
Patent rights are extended around the world through the WTO's Agreement on Trade–Related Aspects of Intellectual Property Rights (TRIPS), but the high death toll from infectious but curable and preventable diseases: the cost plus the availability of drugs and medication; legal and tax related issues; as well as poor health infrastructure profoundly affect the results.
According to Forbes research from 2013, the pharma industry generates higher profit margins than any other industrial sector, spends more on marketing than on research & development and continues to grow while still paying million–dollar fines for malpractice, illegal or wrong means of promotion, etc… To quote Bill Gates, “It's fine to celebrate success but it is more important to heed the lessons of failure.”
So, what are the main factors?
Inventors. Recognize the original creation of human intellect (IP–Intellectual Property) and the legal rights given to the creator to protect his invention for a certain period of time (IPR–Intellectual Property Rights).
Governments. Take legal steps to minimize the negative impact of parallel trade. Help poorer countries through innovative public–private partnerships (as the previously mentioned entrepreneur is doing in Africa with his Bill & Melinda Gates Foundation, the largest private foundation in the world).
Patients. No mercenary, lose the “I” and as with patents, think of the same general requirements: usefulness, transparency and novelty. Provide it all.
Companies need to understand property protection not only as a step towards the return of investment. What goes around comes around. Drive innovation and be awe–inspiring.
How successful are you in creating patient value, innovation and inspiration, and at the same time generating ROI?