It is not surprising that the biotechnology industry attracts entrepreneurs eager to innovate and discover new bio technologies.
This innovation-focused industry is in a rapid state of development, striving to improve and conceive products and processes that will enhance our lives and how we live. This rapid growth, however, has also contributed to subsequent litigation surrounding intellectual property (IP) in the biotech space.
As owners of IP, predominantly patents, the biotechnology industry is particularly susceptible to others infringing their patent rights, as well others charging them with IP infringement for the products they are developing. Whether it’s defending products against predatory business practices of others, maintaining market share, or enforcing IP rights, IP litigation is expensive and time-consuming.
Intellectual Property Insurance Services Corporation’s (IPISC) president, Robert Fletcher, reminds, "Entrepreneurs, start-ups & small companies many times have a single or few issued patents that cover a product or service constituting a major portion of their income. These companies need IP insurance to protect their market share and deter exuberant or frivolous infringement charges. An IP policy also enables them to fill contractual IP indemnification obligations and to ensure funds will be available in the event of IP litigation against their customers."
IP insurance is the solution. It provides the funds to successfully litigate through an IP lawsuit. Only IPISC has been able to offer the market a full scope of IP-specific coverages including Defense, Abatement, Multi-Peril and Unauthorized Disclosure policies on a worldwide basis. IPISC has helped ensure that the funds and the litigation support have been available for the policy holder to get through the litigation process.