intellectual property & drug discovery

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Intellectual property, or IP, consists of intangibles (these are ideas or creations of the human mind) that have legal protections as a type of property. The three types of intellectual property that are most often associated with the pharmaceutical industry are patents, trademarks, and trade secrets.
Patents apply to a design, process, or invention, which must be both novel and useful. So, if you want to patent something new, it must have a purpose. Patents are granted through an application process that requires disclosure of the invention. So, you need to openly declare what your invention is, how it works, and how it can be put into practice. Once granted, a patent has a 20-year lifespan from the date it was filed as long as the patent holder makes an annual payment to maintain the patent. In return for disclosing the invention, the patent holder can prevent anyone else from using the invention, so the patent holder essentially has a temporary monopoly to the invention. So, the inventor benefits by disclosing the invention to the general public.
Trademarks include words, phrases, symbols, or logos that represent a product or service. Trademarks must be approved through a trademark office and require application. Like patents, trademarks must be maintained through annual payments. Unlike a patent, trademarks do not expire (as long as you keep making payments every year). If you own a trademark, then you are the only person who can legally market your product under the trademarked or branded name.
Trade secrets are different. Trade secrets are secret “know how” that give an advantage in the marketplace and can include things like recipes or techniques. Trade secrets not disclosed. They are secrets. So, the owner of a trade secret does not need to pay to maintain the secret and can enjoy exclusive use of the secret. One word of warning… If somebody figures out the secret (legally, not by stealing it), then the value of the trade secret is lost and the law provides no protections.