Patent Evaluation: Emergency Tag For Chronically-ill Patients

PATENT ASSIGNING AND LICENSING EVALUATION
Emergency Tag for Chronically-Ill Patients
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PATENT ASSIGNING AND LICENSING EVALUATION
Emergency Tag for Chronically-Ill Patients
Protecting an innovative design and preventing competitors from stealing, infringing, or using it without knowledge maintains the innovation’s advantageous role in a business. After all, a business primarily stays competitively active and functional in the marketplace through innovation. The asset protecting the innovation, the intellectual property is termed as patents.
Patents require valuation and assessment, accompanied by the responsibility the parties involved. Patents, as assets, are of great importance more so at present where businesses are in boom and aim to be globally competitive; thereby, licensing and assigning of patents are pervasively progressing in prominence (Needle, 2018). Licensing refers to the licensee being allowed for his (literary) work to be published whilst retaining his copyright ownership. Assigning, on the other hand, refers to the transfer of intellectual property by agreement or deed. Future intellectual property rights (for intellectual properties which are yet to be made), intellectual property rights, also known as rights in patentable inventions, and literary work copyright define the most usual of assigned forms (Monash, 2014). Business of different types frequently either cross-license its innovative technology and in turn trades for a third party’s technology for technological expansion, sell or license its own patents for revenue production, or purchase or license technology from third parties for revenue purposes as well (Morah, 2018).
Patent Licensing: Pros and Cons
Sharing rights of intellectual property (IP) profits both inventor and buyer considering the risks, however. Licensing disadvantages include uncertainty to future revenues since the usual preference for payment comes in the form of royalties. A possibility of the licensee becoming a rival company or business inevitably presents as a big disadvantage. More importantly, in cases where a new technology enters the market, the owner may be jeopardized with lower royalties. This last one is relative to long-term business relations established by license agreements (European IPR Helpdesk, 2013).
With regards to non-exclusive or sole licenses, licensing agreements exploit in a way which allows the innovation’s inventor or the intellectual property’s owner in continuing his usage of the said property. This defines one advantage of patent licensing. Accessing new markets and introducing the intellectual property to these markets where there has been previously lack of ways to break into or have lack of experience describe another benefit for the licensor. Licensing also enables the licensor in regaining full control over his intellectual property. Moreover, the licensee handles the sales, marketing, packaging, distribution, and manufacturing costs; hence, money for commercializing the intellectual property is not a big concern for the patent owner (European IPR Helpdesk; NIBusiness Info, n.d.).
Patent Assigning: Pros and Cons
A usage of the intellectual property...