Intellectual Property includes patents, trademarks, logos and industrial secrets, to name a few. Patents are however the greatest focus and a significant expense for innovative start-ups. While your patent attorney is the best to advise on the filing of a patent there are many associated issues which can be of benefit to device companies. Understanding patents as a business tool, not just a statement of invention, is essential to achieving the greatest possible commercial success with an innovation in any field, but particularly in medical devices. Vestech has enormous experience in filing patents and commercialising the devices and IP subsequently.
As an example, often the criticality of checking “Freedom to Operate” (FTO) is overlooked. Not only is this necessary to check you are not infringing another party’s patent, but it can also be part of your overall strategy. One of Vestech’s clients had not investigated this. We encouraged them to do so, and it transpired that a slight design tweak for their product was needed to avoid another company’s patent portfolio. We caught this early, and the change was straightforward. If not found until later this threatened to be catastrophic. Also, for your investors, a savvy understanding of FTO issues demonstrates your “investment-ready” status.