Who wouldn't look at the Golden Arches from a distance and instantly recognize it to be the symbol of McDonald's fast-food chain? That's an example of a highly successful trademark.
Companies work and invest towards scientific research, creative work, choosing image and name to represent their business, all this creation is part of their Intellectual Property.
Company's Trademark and Branding is a valuable commodity for the firm. Trademark is the representation of business through legally registered symbol, images, or words. Trademarking their intellectual property makes it illegal for outside sources to use the brand name, logo, research, invention without the proper licensing agreement with the Trademark Company. Trademarking helps in prevention
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Across U.S.A and in a lot of other countries, Benadryl is the synonym for over the counter allergy prevention drug. Diphenhydramine is the active ingredient in Benadryl, and there are other brands which do sell this drug over the counter, but the Benadryl trademark and brand success shows how most consumers related to this brand name when they are looking for allergy relief medicines. (Drugs., 2017, June 06)
Pharmaceutical companies invest in significant ways towards researching, creating, and testing, new and innovative medicinal drugs. Through patent and trademarking they protect their Intellectual Property while also reserving rights on distribution and licensing of their innovation.
Intellectual Property safeguards Pharmaceutical Companies to earn profits on their innovation through marketing their branded pharmaceutical drugs the way they seem fit.
There are groups across the world who copies the Branded Drug's design, packaging, and other intellectual properties and sell illegal fake drugs at much lower price. This practice is known as
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Per the International Chamber of Commerce, the year 2008 saw $125 billion of lost tax revenue because of counterfeit products in developed countries, this includes counterfeit medicines as well. (Hargreaves, S., 2012, September 27)
Per survey which was done by The Wall Street Journal, people in countries like Brazil, India, and U.S were more reluctant to go for counterfeit drugs and saw it as unethical. While the survey from countries like Russia and China showed consumers with no remorse towards counterfeit drugs and they didn't find the use of fake drugs to be unethical. (Chaudhry, P.E., & Stumpf, S.A., 2009, August 17)
Given how damaging both economically and socially these counterfeit drugs have been worldwide; it is wise to say that not only this practice is illegal, but it also is ethically and morally wrong. Giving fake drugs to the sick and poor, who could have been saved by real pharmaceutical drugs is inhumane and unethical
Today, Johnson & Johnson is a pharmaceutical giant worth $71 billion. The company is listed on NYSE as JNJ with 2.83 billion shares outstanding with the value of $92.7 per share.
The pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals compounds for medical purpose. Pharmaceutical companies produce generic, brand medications and medical devices. The industry is subject to a complex regulatory environment regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs.
Self. October 1996: 94 pages. Greenan, James P. Report of the Presiding Officer on Proposed Trade Regulation Rule Concerning the Advertising of Over-the Counter Antacids. Washington, D.C.: Federal Trade Commission, 1979. The "Herbal Roulette" Consumer Reports. November 1995: 698-704.
Pharmacy benefit managers (PBMs), act as an intermediary between the payor and everyone else in the health-care system. They generally make money through service fees from large customer contracts for processing prescriptions, operating mail-order pharmacies, and negotiating with pharmacies and drug makers. Their contracts can include incentives for cutting costs (Gryta, T., 2011). The use of a comprehensive generics program can significantly lower prescription drug costs, control utilization and play a major role in helping to improve overall patient outcomes. An estimated $35-$40 billion worth of branded drugs will lose their patent protection within the next five years, allowing them to be processed and marketed in generic form. Prescription drugs losing their patents are represented in some of the highest cost, highest utilization therapeutic categories, including depression, hypertension, gastrointestinal, pain management and antihistamines. The various pricing strategies that could be used to charge employers for prescription drugs used as drug pricing by PBMs utilizes the following tools are:
Why do consumers purchase specific drugs for various ailments, sicknesses or diseases they might have? Why do physicians prescribe certain drugs over competitive drugs that may be available to the public? Why is it that most of us can easily name specific drugs that fit the many ailments of today’s society? On the surface the answer might be as simple as good TV advertising or radio commercials or even internet adds. The truth of matter is the major pharmaceutical manufacturers own the patents on these drugs and this gives them all of the marketing budget and muscle they need to promote the drug and control the pricing. The incentives for larger pharmaceutical companies are very enticing and as a result, they don’t mind spending the time in clinical trials and patent courts to get their drugs approved. Some will even get patents on the process by which the drug is manufactured, ensuring that no competitor can steal the drug or the process. This protects their large financial investment and nearly guarantees a large return for their investors. Many consumer rights groups claim this is nothing more than legalizing monopolies for the biggest manufacturers.
It is said that name-brand prescription drugs in Canada cost approximately 40% less than they do in America. But it is illegal for the transport of drugs from Canada to America. Why? It is because Pharmaceuticals are simply greedy and prey on victims that are in need of their products to survive. It makes it hard for large households on a budget to purchase drugs to keep healthy. The way pharmaceutical companies look at their clients is like this: It is a life or death situation for them so the customers have to buy it in order to survive. According to the annual Fortune 500 survey, the pharmaceutical industry, expectedly, made it at the top of the list of the most profitable. The top seven pharmaceutical companies took in more profit-money than the top seven media companies, the top seven airline companies, the top seven oil companies, and the top seven car manufacture companies. (…cost so much, CNN) The profits of pharmaceutical companies are outrageous and extreme. There are many reasons to why these companies are greedily taking advantage of customers. The number one reason is because people who are need of these prescriptions have no other choice but to purchase them.
“Protecting your intellectual property is crucial to your business.” (Hinson, 2014) When business have intellectual property that is going to be popular or helpful in advancing there business, they have to take measures to ensure that the ideas or prototypes are protected from other that may steal the intellectual property. In the United States, many laws or safeguard steps have to be followed in order to preserve the intellectual property. A business owner has the right to protect the intellectual property, because the failure to do so could result in demise of the business itself.
Although monopolies appear damaging at times, there are arguments that they are an advantage to society. Monopolies in the pharmaceutical industry drive companies to pursue research and development (R&D) efforts to gain new patents. According to a 1992 study, among the 24 US. Industry groups, pharmaceuticals dedicated 16.6% of their amounts to basic research, while all other industries averaged at 5.3% (Sherer 1307). This fact validates the incentive pharmaceutical companies have to get a patent and acquire more power. Pfizer encourages R&D because of the incentives and a want to obtain patents to receive more profit. Pfizer has to promote itself to be successful, creating a good brand image that consumers will trust. If the company can advertise successfully, more consumers will purc...
For a drug to get to market it must go through several stages of research and development (Abbott and Vernon). Starting with discovery research, preclinical testing on animals, three phases of clinical trials on humans, and finally FDA (Food and Drug Administration) approval (Abbott and Vernon). Out of several thousands of drugs only a few will make it to the FDA approval stage (Abbott and Vernon). Testing is a highly regulated, time consuming, and expensive process. From beginning to end the process can take fifteen years and less than one of five compounds will make it to market where it is still not guaranteed to succeed (Abbott and
Pharmaceutical patents are patents for inventions within the pharmaceutical industry. Patents give exclusive rights to an invention for a product or a process of making a product [1]. There are many aspects to patents in the pharmaceutical industry that are both pros and cons; it just depends on what industry you are in. Pharmaceutical companies take out patents so they can regulate the market and restrict competition from other companies. By obtaining patents, pharmaceutical companies also attract investment.
The child’s game had ended. After I nearly ran Kurtz over, we stood facing each other. He was unsteady on his feet, swaying like the trees that surrounded us. What stood before me was a ghost. Each layer of him had been carved away by the jungle, until nothing remained. Despite this, his strength still exceeded that of my own. With the tribal fires burning so close, one shout from him would unleash his natives on me. But in that same realization, I felt my own strength kindle inside me. I could just as easily muffle his command and overtake him. The scene flashed past my eyes as though I was remembering not imagining. The stick that lay two feet from me was beating down on the ghost, as my bloodied hand strangled his cries. My mind abruptly reeled backwards as I realized what unspeakable dark thoughts I had let in. Kurtz seemed to understand where my mind had wandered; it was as though the jungle’s wind has whispered my internal struggles to him. His face twisted into a smile. He seemed to gloat and enjoy standing by to watch my soul begin to destroy itself.
As the common person may know, drugs are very expensive. Prescription drugs, although still expensive, are one of the cheaper routes to go. However it can also be dangerous, because it’s easier for doctors to notice the abuse. It is said that Americans pay more for prescription drugs than any other country in the world (Brym and Lie). Other routes a drug addicted person can go is through the illegal drug trade, otherwise known as the black market. For example, cocaine can go for around $1500 per kilo in Colombia, which is around two pounds. Often times the price of cocaine in America can go for a retail price of around $66,000. These prices even for just cocaine are what keep the drug cartel’s ...
The drug industry is a booming business, from legal to illegal drugs it is a multi-billion dollar industry. You hear about drugs everywhere, it is on TV, movies, radio; they are figured in books and magazines. Every so often it an ad will flash across your computer screen, and in daily conversation with friends and co-workers.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
The World Intellectual Property Organization, Intellectual property is the ‘products of the mind: inventions, literary and artistic works, any symbols, names, images, and designs used in commerce’. Intellectual Properties such as Patents, designs, trademarks and copyrights are protected by laws .The US government offers different types of protection for these properties. The Lanham Act (15 U.S.C.A. section 1051 et seq) also known as the trademark act of 1946 provides protection for trademarks. A trademark is defined as a name, a word, a symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify his goods and distinguish them from those manufactured and sold by others. (Miaoulis 1978)