To Lose Three Trade Secrets Looks Like Carelessness!
Employee joins another company, transfers valuable knowledge to develop competing products!
AbbVie has at least three trade secrets law suits like this underway at the moment:
“AbbVie lawsuit says rival Adcentrx stole anti-cancer secrets”
“AbbVie sues rival BeiGene over alleged theft of cancer therapy secrets”
“Botox rival Revance loses bid to dismiss Allergan trade secrets lawsuit”
In the latest case a week ago AbbVie alleged that ‘BeiGene, “enticed and encouraged” former AbbVie scientist to use his former employer’s trade secrets and information to advance and accelerate BeiGene’s BTK degrader program, this despite knowing he had an obligation to AbbVie to maintain their secrecy”.
Life Sciences companies know a thing or two about intellectual property, they operate in an industry where one patent can hold the difference between a $2bn drug profit and $400k drug profit. No wonder then that they protect their IP carefully including trade secrets.
With the average employee staying between two to five years and three in ten planning to leave in the next year, what is your risk exposure to this sort of loss of valuable information?
What steps are you taking to reduce the risk of trade secrets being transferred to a new employing company?
I am John Pryor, making IP accessible and valuable for your business.
The Benefit of Hindsight UpfrontTM
Innovation Without IP Is Charity
IP Provides Defence From Unlicensed Offence Leads To Secure Revenue. The Best Defence Is A Good Offence.
Intellectual Property Is A Business Construct To Enable The Sharing Of Ideas And Other Creations Of The Mind
A Strong And Integrated IP Strategy Puts You On The Front Foot In All Commercial And Financial Interactions
IP Supports Competitive Advantage, Drives Growth, Maintains Cash Flows, Secures Investment, Provides Monetisation Opportunities
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JOHN PRYOR: I am John Pryor, I am a strategy consultant focussed on intellectual property and dedicated to helping people and business to make the best use of all available IP to compete and win in the marketplace.
My aim is to increase people’s understanding of Intellectual Property, so that they can successfully and cost effectively use it in their business, to help achieve a higher valuation.
Book: The Innovation Handbook, 2nd Edition 2010. chapter: How to maximize the value of your intellectual property.
ABOUT MY YOUTUBE VIDEOS: In these videos I explain some of the most important aspects of intellectual property in ways that make it relevant and accessible to business people.
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