This well written article by Martha M. Rumore, Pharm.D., J.D. from Medical Economics, provides insight into the many aspects of intellectual property law as it relates to the medical profession. As an additional point regarding the discussion of patent law, it must be kept in mind that patent litigation costs are not inexpensive. Even with a decline in legal fees throughout the years, mostly due to pharmaceutical industry litigation under the Hatch-Waxman Act, legal fees can still range from hundreds of thousands to millions of dollars, depending on the course of action. Although obtaining a patent is a successful achievement of its own, knockoffs of products are as common as ever. It is up to the patent holder, or a reputable law firm, to keep its eye out for any infringing competition.
To learn more about the Tucker Arensberg intellectual property practice area, click here.