Many pieces of equipment and pharmaceuticals used in the medical industry need patents to protect both the product and the firm that created or developed it.
Many pieces of equipment and pharmaceuticals used in the medical industry need patents to protect both the product and the firm that created or developed it. An instance of a patent that safeguards owners of medical intellectual property from infringement is a medical patent. For a specific period of time, it prohibits other people or organizations from creating, offering for sale, or utilizing the patented good, service, or process. Medical patents can be used to protect a variety of inventions, including pharmaceuticals, medical devices, medical procedures, and medical software, by medical innovators and business owners. Medical patents help to advance medical innovation by offering medical inventors a competitive advantage. The shortages of essential pharmaceuticals in several countries during the COVID-19 pandemic have revived global justice debates on universal access to costly, patent-protected life-saving treatments. Some claim that shortages are caused by a sudden spike in demand for these drugs rather than by their protection under patent law (De Campos-Rudinsky T. C. (2021).
As the CEO of a medical company that had a rare vaccine to save lives during a pandemic, I would consider many factors. During the covid 19 pandemic, one consideration would be the global availability of vaccines and treatments. Many medical companies came up with different types of vaccines and or protection gear in a quick turn round time. Some suggest that patents on medical products can be seen as allowing companies to monopolize at the cost of human lives. Monopoly is holding us back, in this prevailing pandemic. When patents are involved, the technology necessary in this pandemic like adequate testing kits, respirators, N95s, and others each carry complications for manufacturers to produce fresh equipment appropriately. A worse situation may emerge when, for treatments, there are multiple patents and, due to competition, affordability and supply will be the key factors at stake for developing countries (Jobaira Nasrin Khan , 2020). This raises concerns about limiting access to lifesaving equipment and supplies during a global pandemic. For instance, if there is a global scarcity of vaccines, I would think about sharing our IP to enhance the supply of vaccines in such places. Alternatively, if the virus develops new variations that call for updated vaccinations or treatments, I might think about sharing our intellectual property to hasten the creation of fresh remedies. The cost of distributing our intellectual property is another aspect to consider. The financial viability of our business and upcoming investments in research and development could both be impacted by sharing our intellectual property. We would have to carefully weigh the advantages and disadvantages of disclosing our IP and see if there are any other, less risky approaches to serve the demands of the global health community.
As a CEO who follows the Bible’s teachings; stewardship, or the management of resources for the good of society as a whole, may serve as a guiding principle. The ideas of justice and compassion are particularly crucial since we are commanded to seek justice and show compassion for those who are in need. And last, as we are taught to do in every decision we make, it is crucial to seek wisdom and discernment. Hebrews 13:16 teaches us the good in sharing in saying “And do not neglect doing good and sharing, for with such sacrifices God is pleased” (ESV).
References
De Campos-Rudinsky T. C. (2021). Intellectual property and essential medicines in the COVID-19 pandemic. International Affairs, iiaa232. https://doi.org/10.1093/ia/iiaa232 Links to an external site.
English Standard Version. (2002). Crossway Bibles.
Jobaira Nasrin Khan, Pharmaceutical Patents in the Era of COVID-19: The Aftermath on Developing Countries, JURIST – Student Commentary, May 10, 2020, https://www.jurist.org/commentary/2020/05/jobaira-khan-pharmaceutical-patents
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