INTELLECTUAL PROPERTY PRIORITIES1 Intellectual Property Priorities Assignment Cassidy Hyams School of Business, Liberty University BUSI 561: Legal Issues in Business Dr. Gil Leon June 18, 2023
INTELLECTUAL PROPERTY PRIORITIES2 Intellectual Property Priorities Assignment As the CEO of a pharmaceutical manufacturer that has invested significant resources in creating, developing, evaluating, and getting government approval for a new drug, it is essential to address the issues of protecting intellectual property while meeting the patient/public needs for that drug.The company's stakeholders, including shareholders and owners, expect a return on investment and profitability, which requires protecting the company's intellectual property. At the same time, the needs of patients, practitioners, and society must be met. To address these issues, it is essential to consider legal and ethical concepts, as well as Biblical principles. This paper will examine the ethical and legal considerations that a CEO must consider when balancing the company's profit and return on investment, protecting intellectual property, and meeting the needs of patients, practitioners, and society. Patients, practitioners, and society must be considered when making decisions. It is critical to guarantee that medication will be accessible to any individual who may need it, regardless of if it is through a government subsidiary or a reasonable-cost program. By providing access to these newer medications through government programs or lower-cost programs it helps more patients than it would have without these programs. However, before these new medications can be put on the market through any programs, they have to ensure that they are safe and effective. This also means that the practitioners must be trained and educated to make sure they know how to administer any new drug. Intellectual property protection is essential for pharmaceutical companies to ensure a return on investment and profitability. Patents, trademarks, and copyrights protect the company's intellectual property. Patents protect the drug's formulation and manufacturing process, while trademarks protect the drug's name and packaging. Copyrights protect the drug's marketing
INTELLECTUAL PROPERTY PRIORITIES3 materials and educational materials. "To protect the company's intellectual property, the company must take steps to secure patents, trademarks, and copyrights" (Patent, Trademark, Copyright, n.d.) The company must also monitor the market for counterfeit drugs and take legal action against those who infringe on their intellectual property. A pharmaceutical manufacturer must produce profits for their shareholders to obtain a good return on their investment. It is a crucial process to safeguard any business's intellectual property to accomplish this process. However, submitting applications for patents and other intellectual property protection types, like trademarks and copyrights can be accomplished. For a while patents were used to provide a corporation with the sole responsibility of commercializing and manufacturing the medications. This in return would guarantee a business would recuperate its expenses, safeguard its intellectual property, and turn a profit. Meeting the needs of patients, practitioners, and society is crucial for pharmaceutical companies. "Patients need access to affordable medicines to improve their health and quality of life" (Patent, Trademark, Copyright, n.d.). Practitioners need access to medication that is safe and effective for their patients. Society needs access to medication that can treat and prevent diseases and improve public health. To meet the needs of patients, practitioners, and society, pharmaceutical companies must balance affordability and accessibility with profitability. The company must also ensure that the drug is safe and effective and meets regulatory standards. Biblical principles can guide the decision-making process for pharmaceutical companies. "The Bible teaches us to treat others as we would like to be treated" (Code of Federal Regulations, n.d.; Belmont Report, 1979). This principle applies to the pharmaceutical industry in that companies should develop drugs that improve the health and well-being of others. Additionally, the Bible teaches us to be good stewards of the resources that God has entrusted to
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