As per newly released report from Absolute Market Insights (AMI), the U.S. medical intellectual property market is expected to grow at a 3.45% CAGR over the forecast period.
Provision of compulsory licensing
Over the last few decades, medical technologies have transformed many previously untreatable diseases such as HIV/AIDS into a long term manageable conditions. There is an increasing burden of rising global diseases. In order to combat it, there is a continuing need to develop new and effective medicines. The basic principle behind granting patent protection is to encourage inventions and promote technological innovations in order to provide benefits to the provider and user. A compulsory license is a license provided by the government body of a country to a person allowing him to use an invention without the patent owner’s permission. It happens in cases where the patent owner do not use the invention or use it improperly. These factors are leading to the increasing demand of the medical intellectual property market.
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Patent provides an exclusive right to the patent inventor to prevent others to make use and sell their products. The absence of competition enables patent holders to set higher prices for drug, thus causing for the monopoly. The high prices of patented drugs may lead to their unaffordability and restricts it access to poor patients. Thus the patent holder may abuse his patent rights. In order to counter such abuses of patent rights, Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS), gave the provision of compulsory license. It helps to keep a check on the use of the invention on the grounds of public morality. The countries which mostly have health crisis are developing countries or under-developed countries which have low manufacturing capacities. TRIPS agreement allows member countries to issue compulsory license to produce drugs for export to countries which have less or no manufacturing capacity. There is restricted access of medicines in developing and under-developed countries. The compulsory license is thus making significant impact in improving access to patented invention, which in turn is rising the demand of medical intellectual property market.
The main aim of compulsory licensing is to improve access of public to patented expensive drugs. This is thus leading to more competition in the market and overall reduction in prices of drugs. It is expected to greatly favor the public. Increase in competition will increase the supply of products. The compulsory license is essential to deal with the case of patent suppression by pressurizing the inventor to utilize the patent to maximum national advantage. Many countries are voluntarily making proactive efforts to make their drugs accessible due to the threat of the compulsory license, thud aiding in the growth of medical intellectual property market.
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Increasing research and development activities across the pharmaceutical sector
In the last decade pharmaceutical companies invested half a trillion dollars in research & development. These growing investments is opening new avenues to tackle some of the most complex and difficult treatment for diseases. The increasing investments in R&D has further enabled researchers and scientists to gain a better understanding of diseases. Research & development activities in the pharmaceutical industry require high investments. R&D includes activities that a company undertakes to innovate and introduce new products and services to the market. The increasing R&D activities results in gaining a competitive edge over the competitors. R&D projects lead to patents, trademarks or breakthrough discoveries with lasting benefits to the company. The discovery and development of a new medicine is a long, complex and rigorous process. The increasing investment into the pharmaceutical sector is boosting the innovation for new drugs and thus creating a need for medical intellectual property market.
Today, there are more than 8000 medicines in clinical development worldwide. The industry utilizes scientific expertise to build advance science research. The development of effective treatments are made available to patients. The total R&D spending by all drug companies has gained an upward trend. Small and large companies generally focus on different R&D activities. Large firms devote a greater proportion of R&D spending to conducting clinical trials and developing new dosage, new combination of two or more existing drugs. The progress in the pharmaceutical sector is revolutionizing the treatment for various diseases. It has also significantly improved the available treatments for diseases. In 2018 and 2019, pharmaceutical companies spent on an average, over 25% of revenue on R&D. The pharmaceutical industry invests on an average six times more in R&D than all other manufacturing industries. The biopharmaceutical industry invested an estimated $102 billion in research & development in 2018 and $83 billion in 2019. The expenditure covers several activities which includes discovering new drugs and testing and clinical trials to ensure safety. These factors are thus in turn increasing patent applications and creating huge demand for medical intellectual property market. In the past decade, the number of drugs approved each year has also grown. Food and Drug Administration approved 38 new drugs per year from 2010 through 2019. The number is more than the yearly average over the previous decade.
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Medical Intellectual Property Market
- Others (trade dress and trade secrets)
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
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