Many companies ’miss good opportunities to capitalise on their assets’
When it comes to exploiting the value of trade marks and patents in the marketing battle for consumers’ hearts and minds, UK pharmaceutical companies are more dedicated than their counterparts in other sectors.
According to a study carried out by The Survey Shop for Marks & Clerk, the UK’s largest firm of patent and trade mark attorneys......
The survey reveals that 91% of pharmaceutical companies tell their customers if they have exclusive rights to sell a particular product while 86% of businesses think that making their customers aware of their exclusive rights to sell a particular product would be important as a sales strategy.
The survey also finds that pharma companies are above average when it comes to using IP as marketing collateral. 66% of pharmaceutical companies highlight their products’ patent protection in marketing campaigns. Furthermore, 89% of companies in the region are protecting their brands by registering them as trade marks.
In the engineering sector, by contrast, 37% of companies highlight patent protection in marketing campaigns while 54% protect their brands by registering them as trade marks. In financial services, 33% of companies highlight their patent protection in marketing campaigns while 65% protect their brands by registering them as trade marks.
According to Tim Andrews, Partner at Marks & Clerk: "The prime function of patents is to prevent competitors from exploiting the protected products systems or processes."
Commenting on the survey, Andrews reported that firms in the pharmaceutical sector were more dedicated to exploiting IP for marketing than those in other sectors, illustrating their reliance on IP. "However, many companies are still missing out on good opportunities to capitalise on their assets. Blue chip companies such as Pfizer, IBM and Dyson have all highlighted the fact that they patent products to establish themselves as leaders in their respective fields and create an element of exclusivity in the mind of the customer."
"Products where ’patent protection’ is actively marketed to the customer are likely to command a higher margin. As a result, companies should always consider ways to gain maximum benefit from intellectual property protection."
About the survey
The survey, by The Survey Shop, was carried out on behalf of Marks & Clerk.
202 interviews, conducted anonymously, questioned UK Companies with annual revenues of £5 million or more.
Marks & Clerk is the UK’s largest firm of patent and trade mark attorneys with offices in London, Birmingham, Cambridge, Cheltenham, Coventry, Glasgow, Leeds, Leicester, Manchester, Oxford, and overseas. Its experts cover all fields of industry including information technology and the Internet, biotechnology and pharmaceuticals, electronics, engineering, retail, and design and advertising.
Further information:
Tim Andrews, Partner Tel: +44 1223-451 309
Marks & Clerk, Cellular: +44 7766-123 991
Email: tandrews@marks-clerk.com
Web: www.marks-clerk.com
Keywords : Pharmaceutical patents Intellectual property (IP) Marketing potential
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