Medical Device Patents Surging, Industry Players Forecast The Future

The need to protect intellectual property (IP) via patents has become an increasingly vital concern for the design process, business strategy, worth, and growth of all medical device companies, from garage-based start-ups to large publicly held companies. And, as the need for innovative, cost-effective technologies in health care has surged, so has the current and projected patent activity in this space, influenced in part by the recent significant changes in the US patent system under the America Invents Act (AIA). In fact, the number of device patents issued grew at a 15.7% rate between 2010 and 2012, with 60,300 patents assigned during this time period, according to the newly released fourth annual "State of Innovation" report by business information and news provider Thomson Reuters. What's more, the device category exhibited the strongest growth rate of the 12 key technology areas examined using the Thomson Reuters Derwent World Patents Index (DWPISM) database.

These data are excellent indicators of the health of the innovative device industry, but Medtech Insight wanted to also hear from market participants who are in the trenches dealing with the device patent system on a daily basis as to what they feel are the main issues going forward. In general, the four people interviewed – a start-up device company CEO, a medical device consultant, and two patent attorneys – emphasized that the value of IP has become a priority for device companies, as it can significantly impact company value. In addition, they believe the future is bright for device patents with the impact of the AIA legislation, as well as an aging population, and increasingly urgent medical needs. However, they also cited ongoing challenges with the patent system, and the need for device companies of all sizes to be diligent about their patent strategy