Tags |
|
|
Subjects - Invention Marketing and Licensing for the Inventor
There are a lot of less than forthright organizations that allegedly help individuals sell their inventions to industry. In all my years of working as a patent lawyer, I have never come across a single person who ever used one of these organizations to effectively market or sell their invention. However, I have met sev
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
eral who successfully marketed their inventions themselves.
Before you take any steps to market your invention, you should take a few preliminary steps.
Preliminary Patent Search - A preliminary patent search is generally a good first step. A preliminary search of various patent offices can be conducted for a reasonab
Before you take any steps to market your invention, you should take a few preliminary steps.
Preliminary Patent Search - A preliminary patent search is generally a good first step. A preliminary search of various patent offices can be conducted for a reasonab
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
e fee (just contact a patent agent/lawyer), and it is even possible to conduct one for free (see the US patent office at http://www.uspto.gov/)
Patent Application - Don’t publically disclose your invention until after a patent application is filed. Publically disclosing the invention before filing a patent application
Patent Application - Don’t publically disclose your invention until after a patent application is filed. Publically disclosing the invention before filing a patent application
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
can potentially ruin the chances of ever being granted a valid patent. In fact, many Companies will not even talk to you until you have filed a patent application.
Prepare a Formal Information Package - You should prepare an informative and concise information package describing you, your invention and the potential ma
Prepare a Formal Information Package - You should prepare an informative and concise information package describing you, your invention and the potential ma
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ket your invention reaches. The package should include color photographs of the invention, and a one page executive summary.
Prototype - It is a lot easier to sell a product if potential buyers can see, touch and feel the product. Building a working prototype is often a key step in selling your invention. Of course,
Prototype - It is a lot easier to sell a product if potential buyers can see, touch and feel the product. Building a working prototype is often a key step in selling your invention. Of course,
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
some products are difficult to prototype, in which case a non-working mock-up may have to do. In any event, create the most professional prototype or mock-up you can.
Obtain Financing - Building prototypes and filing patent applications require funds. Finding that initial start up funding is often difficult; however,
Obtain Financing - Building prototypes and filing patent applications require funds. Finding that initial start up funding is often difficult; however,
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
here are two tried and true methods, namely partnerships and incorporations. A signed partnership agreement is one way for a few people to pool their financial resources into a project. If several investors are involved, then an incorporated company is a better method. Essentially, the company takes ownership of the i
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
nvention and the investors contribute money to the company in exchange for shares. The number and price of the shares can be tailored to suit the particular needs of the project.
Now that we have dealt with some of the preliminary issues, let us look at the mechanics of selling your invention to a company. The actual
Now that we have dealt with some of the preliminary issues, let us look at the mechanics of selling your invention to a company. The actual
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
teps in the process are as follows:
1. Compiling a List of Potential Buyers - Finding a company that is willing to buy the invention is the most challenging part of the process. It begins by generating a list of companies that may be interested in the invention. You can use a business directory to generate that list.
1. Compiling a List of Potential Buyers - Finding a company that is willing to buy the invention is the most challenging part of the process. It begins by generating a list of companies that may be interested in the invention. You can use a business directory to generate that list.
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
Business directories list companies by the products they manufacture (or services they provide) and include basic information about these companies such as their address, phone and fax number, and the name of the president (CEO or owner). Suitable business directories may be found in the business section of the local r
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ference library.
2. Contacting Potential Buyers - Your list of potential buyers may include literally hundreds of companies. You simply call up each company on the list and ask them if they would be interested in receiving a solicitation for a new invention. Then get the contact information about who in the company to
2. Contacting Potential Buyers - Your list of potential buyers may include literally hundreds of companies. You simply call up each company on the list and ask them if they would be interested in receiving a solicitation for a new invention. Then get the contact information about who in the company to
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
send your information to.
3. Presenting the Invention to Prospects - After you have thinned out your list, your next step is to submit your information to each of the companies on the list. This may involve calling the people identified to be the “contact” for new product ideas and telling them that you are sending th
3. Presenting the Invention to Prospects - After you have thinned out your list, your next step is to submit your information to each of the companies on the list. This may involve calling the people identified to be the “contact” for new product ideas and telling them that you are sending th
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
m an information package about your product. Your package should include a cover letter and a one page synopsis of your product (including a picture). The information must be clear, concise and it must appear as professional as possible. Don’t try to overwhelm the recipient - you want to impress them, not burden them.
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
4. Follow Up - Do not expect the prospect to come to a quick decision concerning the invention. It may take a prospect many months (even a year or more) to make up his/her mind on a project. You have to be patient. It is important to periodically follow up with the company but do not “pester” the prospect. Remember
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
the people considering your invention are probably quite busy with several other projects - annoying them may do little to speed the project up and may cause them to drop the project altogether.
5. Negotiations - If you find a company that is interested in picking up the project, then be ready to negotiate the terms of
5. Negotiations - If you find a company that is interested in picking up the project, then be ready to negotiate the terms of
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
the sale. The key here is to be reasonable. From my experience, nothing kills off a potential licencing deal faster than an unreasonable inventor. Realistically, the most you are likely to get is a good return on your investment. Asking for a smaller signing fee together with a modest royalty is far more likely to g
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
nerate a signed agreement than holding out for a big payoff.
6. Royalty Amount - I am usually asked the question “how much can I sell my invention for”. I don’t know the answer; however, here are a few rules which can help you figure out a reasonable royalty rate. First of all, try to negotiate a royalty which is brok
6. Royalty Amount - I am usually asked the question “how much can I sell my invention for”. I don’t know the answer; however, here are a few rules which can help you figure out a reasonable royalty rate. First of all, try to negotiate a royalty which is brok
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
en down in to two parts, an initial signing payment and an annual royalty payment. The initial payment should cover most of your costs of the project. The annual royalties should represent an amount which is sufficient to represent a good return on your investment without being a burden on the manufacturer. The genera
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
“rule of thumb” is to ask for a small percentage (1% to 5%) of the net sales of the product. It is also possible, and in some cases advisable, to fix the annual royalty payment to an easily calculated amount (e.g. $1.00 per unit sold).
Selling your invention to a manufacturer is possible but it is not easy. How succe
Selling your invention to a manufacturer is possible but it is not easy. How succe
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ssful are you likely to be? From my experience, individual inventors are far more likely to successfully sell their invention by themselves then by going through some invention promotion organization. Like any business, the chances of success are a function of your determination, knowledge and willingness to take risks
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.subjects.org.ua/article/3258/subjects-Invention-Marketing-and-Licensing-for-the-Inventor.html">Invention Marketing and Licensing for the Inventor</a>
BB link (for phorums):
[url=http://www.subjects.org.ua/article/3258/subjects-Invention-Marketing-and-Licensing-for-the-Inventor.html]Invention Marketing and Licensing for the Inventor[/url]
Related Articles:
How to Analyze Oil Analysis Reports
Medical Billing - Troubleshooting Retail Sales
Bookmark it:
|