You went to medical school, found a job, and are helping make your community a better place. You finally feel like you are starting to have your feet underneath you. Before that rug gets pulled out from under those firmly planted feet, it is a good idea to make sure your medical practice has the intellectual property (IP) protection it needs to help better ensure future success.
Why do I need IP protection?
It may not seem intuitive, but many aspects of private medical practice can benefit from IP protections. A trademark, for example, can help to better ensure the quality care that your practice is known for remains strong. Trademarking your practice’s name helps to reduce the risk that other practices will use the same name and gives you the ability to fight back if they decide to use the same or substantially similar name.
For practices that are developing their own software or medical devices, a patent is a must. This legal tool essentially provides official ownership of the product. You, the inventor, can sell use but are better assured ownership and the financial benefit that comes with it when you have an official patent.
What else should I know?
These are just a few of the ways that IP protections can help medical practices. Additional uses, like trade secrets can also provide benefits. The right combination of IP protections will vary depending on each practice’s specialty and needs. As such, it is a good idea to discuss these and other options with a professional.