When why and how to patent your innovative medical device
A strong intellectual property portfolio can help a healthcare startup company carve out a niche within the market, generate profit through royalties and license agreements, and attract potential investors. But there’s no way around it – applying for a patent for your innovative medical device, drug or other invention is an expensive process.
That’s why it’s so important to understand whether you have something worth patenting, and if you do, to make sure you do it right the first time.
There are three criteria for a patent: the product must have a use, must be novel, and must be inventive or non-obvious. Although you’ll want to file for a patent as early as possible, you don’t want to rush and end up leaving something out of your application, which is where hiring a patent agent can be helpful.
In this video (starting at the 18:05 mark), Victoria Heppell, a registered patent agent specializing in life science technologies at Gowlings, provides guidance on avoiding potential bars to patenting your life science product.