Despite Importance of Intellectual Property in Biotech Growth, One in Three Still Classify Their IP Strategy as “Defensive/Reactive.”
A flash poll of business leaders at a recent conference held by Foley revealed insights into where the state is likely headed in terms of business growth – with 72 percent indicating that biotech will see the most significant growth in the next two years. However, despite the role a strong Intellectual Property (IP) strategy will play in the growth of these areas, 36 percent of respondents characterized their company’s approach to IP as “defensive/reactive.”
“The state has spent close to $1 billion attracting research institutions such as the Burnham Institute for Medical Research, Scripps Florida and the Torrey Pines Institute for Molecular Studies, just to name a few,” said AnatHakim, Foley partner and a member of the firm’s IP Litigation Practice in Florida. “These results show local business leaders believe the state’s efforts are working and that IP protection is going to become a major issue throughout the state as these businesses take off.”
When asked if their companies currently have a process in place to adequately protect their IP, 65 percent of respondents believed that they did. However, one in three (36 percent) characterized their company’s approach to IP as “defensive/reactive,” and only one in five (21 percent) characterized their company’s approach to IP as “total integration.”
“There’s a disconnect right now in Florida with those who think they are maximizing their IP and those who are actually doing it,” Hakim said. “Total integration isn’t about spending more; it’s about stepping back and looking at your business as a whole. If Florida companies are to continue to invest in biotech, or for that matter, any technology-driven enterprise, they need to be prepared to protect their most important asset: their Intellectual Property.”
To that point, 46 percent of respondents indicated that “protection against counterfeit/piracy by internal and external sources” was the IP issue that most concerned them when considering doing business overseas. This was followed closely by 39 percent who felt “confidentiality issues with employees and consultants” was the primary issue when doing business outside the U.S.
The results were unveiled on April 18 during Foley’s statewide symposium Florida’s Innovation Boom: Achieving Growth through IP, which was designed to help business leadersmaximize innovation by managing their Intellectual Property.
To review the full flash poll results, please visit www.foley.com/FloridaIPSurvey.
Foley distributed the flash poll to potential attendees in advance of the firm’s Florida Innovation Boom conference on April 18. A total of 21 responses were received. Due to rounding, not all totals will add up to 100 percent.
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