$432 Million Verdict Against Boston Scientific Illustrates Importance of Patent Assessment and ROI
Atlanta, GA (PRWEB) February 27, 2008 - Just this month, Boston Scientific Corporation was ordered to pay nearly $432 million in damages to a doctor who proved the medical device maker's drug-coated heart stents violated his 1997 patent. "No doubt, Boston Scientific did not foresee this liability in its attempts to grow its stent business," says Jackie Hutter, co-Founder and Managing Director of IP Strategy at CSIP Group, LLC. "Unfortunately, a single patent owned by a New Jersey radiologist has markedly derailed its payback from its marketing of stents."
CSIP Group's Next Generation Patent Analytics? are critical in today's business environment. As the Boston Scientific verdict demonstrates, financial consequences of patent lawsuits can be significant and those investing in new technology and products must understand whether their investment expectations will be undermined due to another's patent rights. Moreover, even if a patent lawsuit can be won, the cost and effort associated with patent litigation will invariably reduce a business' focus on the business. Litigation avoidance by understanding patent risks is critical for today's business. Jackie explains, "Our clients have one strategy--business. They realize that understanding the risks and rewards of patents can be as fundamental to their business plans as other, more traditional, ways of predicting ROI on new technology and product investment."
"The rub here is that our clients know that patent information is a critical aspect of their business planning but are unsure how to pursue researching and protecting those assets." explains Nancy Jacobs, co-founder of CSIP. "First generation patent analytics allow large volumes of patent data to be collected and packaged nicely, however those analytics are incomplete as they lack actionable business insights. Absent such insights and the action plans built around them, the patent data is near worthless."
There is no way to automate or shortcut the harvesting of business insights from patent data, nor can business insights be self-evident from a collection of patent data. Patent strategy, business, scientific and technical expertise must be applied to the claims of each patent document in order to discern the business reason(s) a company undertakes the effort and expense of developing patent filings. It is this WHAT that leads to the WHY of the patent document. CSIP's disciplined and unique methodology leads to the uncovering the leverageable business and competitive insights embedded in patent documents. Explains Jackie, "I cannot guarantee that Boston Scientific would not have incurred the $432 million verdict if they had contacted CSIP Group prior to evaluate their risk and opportunities in the stent market. However, I can say that our analysis would have allowed Boston Scientific to better understand the patent risks it would incur in the stent area, and to adjust its business expectations accordingly."
CSIP Group's unique deliverable provides clients with insights that can be leveraged to create actionable competitive and business strategies. CSIP Group deploys combined expertise in patent strategy, science, technology and business of its patent analytics team to analyze and categorize the entirety of the patent filings, specifically focusing on the claims and business impacts of each document. This approach reveals the relevant business information embedded in each patent document and allows your company to capture competitive advantages and a higher return on innovation investment. For additional information please visit www.csipgroup.com or call 404-909-7917.
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