The Importance Of Trade Secrets

1532 Words 6 Pages
Assignment 4

Introduction

Intellectual property is intangible items such as computer software, a formula, any invention, and other items that an individual, university, or corporation claims they own (Shamoo & Resnik, 2009, p. 167). Therefore, there are different types of intellectual property rights that are recognized by the United States law (Shamoo & Resnik, 2009, p. 173). Consequently, laws pertaining to intellectual property rights have only been implemented since the 1980s, which these laws are of the Boyh-Dole Act of 1980 and the Technology Transfer Act of 1986 (Shamoo & Resnik, 2009, p. 170). As a result, intellectual property can have huge financial implications on healthcare research and pharmaceutical companies. Therefore,
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Therefore, trade secrets are used to prevent information from becoming publicly known such as the secret recipe for Coca-Cola (Shamoo & Resnik, 2009, p. 177). There are a variety of items that are used for trade secrets such as instruments, specific business policies, customer lists, and business plans (Shamoo & Resnik, 2009, p. 177). There are few advantages for trade secrets to be used in health care research and/or pharmaceutical companies.
Trade Secrets: Advantages
A trade secret may be more useful than the other types of intellectual property rights. However, within the healthcare research field and/or pharmaceutical companies they are more in likely better to benefit from a patent (Shamoo & Resnik, 2009, p. 177). There are state laws in place to help protect trade secrets and others can be prosecuted if a competitor utilizes the trade secret (Shamoo & Resnik, 2009, p. 177). However, trade secrets seem to have minimal use within the healthcare research industry.
Trade Secrets:
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177). Overall, former researchers and/or employers that know the trade secret may change jobs and disclose the information (Shamoo & Resnik, 2009, p. 177). In addition, the trade secrets could be accidently disclosed or the competitor can obtain the product and/or service and run their own tests on it to try to decipher the secret and provide a product with similar tastes, functions, and/or services (Shamoo & Resnik, 2009, p. 177). Therefore, researchers and/or pharmaceutical companies will least likely benefit from trade

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