Intellectual property (IP) refers to a class of property incorporating intangible creations established through human intellect. IP may incorporate patents, copyrights, trademarks, designs, literary works, and artistic inventions. The widespread of novel coronavirus disease has caused countries to look into obtaining the IP rights of the COVID-19 vaccine markers. The soaring demand and constrained supply of COVID-19 vaccine constitute a potentially lucrative business opportunity for the holders of vaccine patents, which may also provide a lesson for future businesses.
As the death toll from the pandemic elevates, nations are racing to acquire the COVID-19 vaccine and vaccinate their populace. In May, the World Health Organization officially launched a charitable pool to gather patent rights, management test data, and other details that may be shared for producing drugs, diagnostics, and vaccines to curb the coronavirus. Nevertheless, future business owners should remember that interest-free distribution of IP might cause disincentives for potential private investment into research and development.
However, reserving the patent for oneself is also a self-defeating tactic. First, the companies, such as Moderna, which make their products accessible to poorer populations, gain a wider audience of customers. Second, the business reputation will improve, which will result in larger brand loyalty. Finally, a company can make more profit by selling the patent rather than retaining the IP. Overall, sharing intellectual property is beneficial for all parties involved.
Altogether, there are three ideas related to the vaccine patents story, which future business owners ought to consider. First, knowledge of how to make a product, which is in demand, should be shared because it improves the company’s reputation and social responsibility. Second, selling IP patents at a lower price can increase the influx of customers and interest in the manufacturer. Finally, benevolent yet profitless sharing should be avoided since the investors will lose the incentive to support future projects. Combined together, these steps will help ensure the prosperous management of the business.