Quiz 1- Intellectual Property and Commercialisation

Question 1

What is IP?

Answer 1

IP-Intellectual Property.

• Intellectual Property is the property of your mind such as inventions, literary and artistic works, designs and symbols, names and images used in commerce

Question 2

How do you protect IP?

Answer 2

2 ways:

1. Industrial Secrecy
2. Patent: Allows people to earn recognition or financial benefit from what they create and invent.

Question 3

What is a patent?

Answer 3

It’s a contract between the inventor and the government.

The inventor has to fully disclose everything to the glov via a published document.

The gov has to provide a monopoly to the inventor for 20 years in return for the enabling disclosure.

Question 4

Do patents apply internationally?

Answer 4

No. Only apply to national jurisdictions. worthless to stop factory in another country.

Question 5

Do you have to be confidential with all documents when applying for a patent?

Answer 5

Yes. Confidentiality must be maintained at all times during the patenting process. If confidentiality has

Question 6

What is a patent Portfolio?

Answer 6

It’s a collection of patents owned by a single entity

Question 7

What is a family?

Answer 7

set of patents lodged in various countries on a particular invention

Question 8

Name the stages of applying for a patent

Answer 8

1. provisional -$3000. Buys you a year
2. PCT-$10,000. Filed no more than a year after the provisional. Buys you 18 months.
3. National-$100,000. At this point, It is examined by a patent examiner, a process which can take years.
   Each new family member is undergoing examination in its jurisdiction.

Question 9

Who has the largest percentage of the market and how much do they have?

Answer 9

USA has 70%

Question 10

What are the key components of a patent?

Answer 10

1. Prior Art-Literature review and past patents.
2. Examples-The examples must be frank disclosure: THEY MUST BE ENABLING.
3. Claims. You can always drop claims later, you can’t add new ones easily so claim everything imaginable.

Question 11

Are patents now a days new ideas or variations of current designs?

Answer 11

Patents on equipment now a days are variations on current designs.

Question 12

How do you make money out of your patent?

Answer 12

1. Start your own business

2. Sell the rights of your idea to an existin gcompany

Question 13

What are the main types of investors?

Answer 13

Wealthy relatives, business angels (Dick Smith), investment banks and venture capital companies.

Question 14

What are venture capital companies

Answer 14

Venture capital (VC) is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth

Question 15

What is investment banking?

Answer 15

A bank that purchases large holdings of newly issued shares and resells them to investors. Investment banks will only be interested in you once you’re a million dollar company which by then, you won’t need the money.

Question 16

What is a business plan?

Answer 16

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them.

Question 17

What to put in your business plan?

Answer 17

1. Know what the market size for your invention is.
2. How are you going to get your product onto the market place.
3. make the prototype
4. Phase 1-3 Trials
5. animal trials (GANTT CHART)

Question 18

How many Animal Species are used in drug trials?

Answer 18

Usually two species of animals are used. Rodent and non rodent.

Question 19

Why are animal studies performed?

Answer 19

Animal testing is used to determine the pharmacokinetics (movement of drugs within the body), pharmacology, and toxicology of a drug.

Question 20

What are phase 1 clinical trials?

Answer 20

Phase 1 clinical trials are trials aimed at determining a drug/device safety/toxicity and drug pharmacokinetics in humans.
Also can be used to see the effectiveness of a drug, or the inflammation/tissue response of a device.

Question 21

Who are Phase 1 trials performed on?

Answer 21

Phase 1 trials are performed on healthy people. Generally 20-80 people are used in Phase 1 trials.

Question 22

Phase 2 clinical Trials. What are they and who are they performed on?

Answer 22

Phase 2 clinical trials follow phase 1 clinical trials. Aim is safety and determining dose ranging. They are performed on patients, not healthy people. Several hundred of people are part of the trial.

OVERALL AIM: to identify one or two doses that can be used in a phase 3 trial that will provide probable definitive clinical benefit with an acceptable toxicity profile.

Question 23

What is a phase 3 trial and how many people are involved?

Answer 23

Gather information about the effectiveness and safety that is needed to evaluate the overall benefit/risk relationship of the drug or device. Can have several hundreds to thousands of people.

Question 24

What is licencing?

Answer 24

A business arrangement in which one company gives another company permission to manufacture its product for a specified payment .

You retain ownership but assigning commecialisation rights to another entity.

Question 25

What is a non exclusive licence

Answer 25

A Non-Exclusive Licence grants to the licensee the right to use the intellectual property, but means that the licensor remains free to exploit the same intellectual property and to allow any number of other licensees to also exploit the same intellectual property.

Question 26

Exclusive licence.

Answer 26

An Exclusive Licence means that no person or company other than the named licensee can exploit the relevant intellectual property rights. Importantly, the licensor is also excluded from exploiting the intellectual property rights.