Intellectual property (IP) theft poses a significant risk to a wide variety of industries, especially the medical field. Intellectual property theft refers to stealing ideas and inventions from a company. In the medical field, such theft can be detrimental, as it can partially eliminate the incentive of incurring the substantial costs associated with medical advancements and developments. To learn some impactful strategies on how to prevent IP theft in the medical field, continue reading.
Secure the Right Protection for Your IP
One of the best ways to prevent intellectual property theft is to secure the right type of protection. Essentially, there are four main categories of intellectual property protections that one can pursue. In order to secure the right one, it is highly beneficial to consult a lawyer. With that said, the four types of IP protections are as follows:
- Trade Secrets: Trade secrets are private information that provides a business with a competitive market advantage. By obtaining a trade secret protection, other companies are prohibited from copying or stealing information without risk of legal action. However, the trade secret is not protected with official registration.
- Patents: A patent refers to a type of protection that can be issued to legally prevent the theft of new, useful, and innovative inventions or discoveries for a limited duration of time.
- Copyrights: Copyrights automatically protect original works of authorship, such as scholarly articles or computer software. To take legal action against a copyright breach, formal registration of the copyright is needed.
- Trademarks: A trademark protects phrases, words, and symbols that are used to distinguish one brand or company from another. For example, the logo with three shields, which is used to represent the Mayo Clinic’s work, is protected under trademark rights.
Use Medical Devices With Overmolded Technology
Another effective way to prevent IP theft in the medical field is to utilize medical devices that have important technology overmolded into them. Overmolding refers to molding one or more materials into another material to form a single, seamless part. By seamlessly molding technology into the machinery, important intellectual property becomes far more difficult to steal.
Implement Data Protection Software
Implementing data protection software can also help prevent intellectual property theft in the medical field. While antivirus software is important, it doesn’t protect against all kinds of threats. To protect your important data from being targeted by more complex, less common malware, it is important to install data protection software. For optimum protection, make sure to invest in software that has the capacity to completely lock down both structured and unstructured private information in order to prevent unauthorized breaches.