Intellectual Property Insurance for the Medical-Related Products Industry
Manufacturers, suppliers and distributors of innovative medical-related products and technologies must be able to protect their most important business assets, intellectual property (IP).
Because of the highly-competitive nature of the Medical Device Industry, it steadfastly remains one of the most litigious industry sectors of cases involving IP infringement. This litigious nature can easily be accredited to fast, ever-changing technology. Whether it's defending their products against predatory business practices of others, maintaining their place in the market, or enforcing their IP rights to prevent others from copying their ideas, making it their own and taking precious market share away, IP litigation is expensive and time-consuming.
IP insurance enables the policy holder to fund the litigation to enforce IP rights and/or defend against charges of IP infringement, successfully. This insurance ensures the policy holder can get through an IP lawsuit on the merits of the case, not on who has the deeper pockets to fund a lawsuit. Given its 22 year track record of success, only IPISC has been able to offer the market a full scope of IP-specific coverage including Defense, Abatement, Multi-Peril and Unauthorized Disclosure policies on a worldwide basis. IPISC has helped ensure that the funds and the litigation support have been available for the policy holder to get through the litigation process.
IPISC's president, Robert Fletcher, reminds, "It is important for this industry in particular to understand that IP exposure can be a significant risk, yet many are not proactively advising or being advised about the availability of IP insurance. Assessing IP risk and ensuring that the right insurance protection is in place for this potentially devastating and costly exposure is essential to a company's overall financial survival. As a matter of fact, we are winding up a case right now where the Insured would be out of business if they had not had the IP policy."
IP insurance is quickly becoming the most logical and economical choice that the Medical industry can make to ensure that the means are available to fund the high cost and consequences of IP litigation. For further information, please contact Janet Zahnd, Sales/Marketing Manager, at email@example.com, 502-855-5314, www.patentinsurance.com.