Recent legal developments have greatly increased the value and importance of scientific intellectual property (SIP), as well as the risks to those who trespass on the intellectual property rights of others.

These developments make it essential that businesses possess a clear understanding of IP issues and the substantial impact they can have on the “bottom line.” Business managers should identify and cultivate their IP assets, and strategically assess how they can be used to advance business objectives. Equally important, business managers should stay abreast of their competition's IP development, deployment and enforcement.

A growing number of companies, both large and small, are instituting IP asset management programs. These programs are aimed at providing a framework for harvesting, documenting, evaluating, protecting and enforcing technological and business innovations; optimizing IP exploitation opportunities; controlling IP expenses; and minimizing the risk of infringing the SIP rights of others.

Today’s business environment requires that companies have a full understanding of the myriad SIP issues that can affect their business growth and profitability, and that they have clear strategies for using company IP assets to maximum business advantage. This reality mandates adoption of an Scientific IP asset management program; strategic thinking about the value of IP and ways to realize that value; a dynamic audit process that monitors, improves upon and corrects SIP practices, procedures and strategies; and a program for effectively communicating company SIP objectives and policies to employees.