The Importance Of Trade Secrets

Improved Essays
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,
…show more content…
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:
…show more content…
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

Related Documents

  • Improved Essays

    Disease Mongering Essay

    • 1290 Words
    • 6 Pages

    Moynihan, Heath and Henry argue that the pharmaceutical industry capitalises on the want of consumers to eliminate undesirable conditions. They claim that pharmaceutical companies partake in “disease mongering”: that is, they fabricate new diseases by “widening the boundaries of treatable illness”. Critics such as Healy and Dossey agree with this claim. However, I will argue that, although not unfounded, the claim that pharmaceutical companies are guilty of disease mongering is not justified. I will argue that the definition of disease presented by Moynihan, Heath and Henry does not conform to the accepted definition of disease.…

    • 1290 Words
    • 6 Pages
    Improved Essays
  • Great Essays

    Pharmaceutical Technologists employed to a specific company may have new idea of ways to improve the scientific productivity of the products being made. Whether it may be introducing other compounds or new machinery that will be able to produce a similar drug or nutraceutical or cosmetic products of a better quality and at a faster rate. However, they may be a bit apprehensive in putting forward these ideas in fear of their colleagues may disagree with their ideas. “Groupthink suppresses individual thought, and innovation is often a…

    • 1944 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    If the packaging is missing this RFID tag, it is a counterfeit and should not be used. Currently. Pfizer is the first company to use such comprehensive packaging to verify the authenticity of their products. More pharmaceutical companies should use these tags to deter counterfeits from entering the…

    • 1075 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    6. PROBLEMS ASSOCIATED WITH THIS AMMENDMENT 6.1 Unethical behaviour of Doctors Doctors can be forced by law to write an ‘official’ prescription but they can still ‘unofficially’ prescribe branded drugs. A report by India’s Income Tax Dept. states that many leading pharmaceutical companies have paid doctors for prescribing their drugs. The Pharma Companies deny this and say that the money was transferred so that the doctors educate patients.…

    • 1051 Words
    • 5 Pages
    Great Essays
  • Superior Essays

    Insurance could also play a part in the introduction of this method because they could pay up to the reference price, if the companies priced the drug higher, then the patient could pay the rest. Under the Federal Food, Drug and Cosmetic Act (FFDCA) the government works directly with manufacturing companies to collect money for development and ensures that the drug is safe for use, but because the United States market is not regulated they do not set a price point for the drug during this process. The US market already has a system that is similar to price referencing with Medicare and Medicaid, but that does not help every consumer, just those with that support. The solution in this case would be to open similar regulations that Medicare and…

    • 1519 Words
    • 7 Pages
    Superior Essays
  • Improved Essays

    Katie Drake-Sherer, a chiropractor and certified internal health specialist at Bemis Chiropractic, says the CDC is not always right about which strains to include in the vaccine. As a certified internal health specialist, Drake-Sherer is qualified to diagnose and treat diseases that affect adults. “Sometimes they’re right, other times they’re not,” said Drake-Sherer of the CDC. Instead of the flu shot, Drake-Sherer advocates a different approach to preventing the flu. “A much better alternative to the flu shot is vitamin D,” said Drake-Sherer.…

    • 713 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    the use of placebos in research became indispensable. The placebo effect was held in low regards for many years among scientist. Feelings are mixed, among conventional medical practices despite the huge amount of evidence that placebos do help improve medical conditions the government remains reluctant to approve them for anything more than medical research. The harnessing of the placebo effect event has great significance in the medical world. Not only does it exemplify the “Mind over matter” belief, in which an individual’s subjective can influence their mental procedures, however it additionally permits them to show signs of improvement without the hurtful impacts of a few medications.…

    • 1698 Words
    • 7 Pages
    Superior Essays
  • Improved Essays

    Secondly, Congress gave the FDA the ability to oversee drug advertisements. However, the Federal Trade Commission (FTC) oversees the ads for over-the-counter or non-prescription drugs (1). Secondly, some people may believe a main distinction between an over the counter medication and a prescription is the amount of strength they provide a consumer. However, according to the same article, this is not the case. T. Mark Woods states, “A common myth is that because a drug is OTC, it is safe” (1).…

    • 720 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    8 Factor Analysis

    • 1069 Words
    • 4 Pages

    What do you believe would be the practical results of rescheduling from a research perspective and an abuse perspective? An. Dr. Weiss: From a research perspective it would be helpful. For abuse, it would depend; if it were made legal without regulation through the FDA, which is the current case, then it would still be illegal for abuse and to use. However, the message given to people around the country, regardless of what the FDA’s recommendation, would be that the drug has a medical use.…

    • 1069 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Dtc Advertising

    • 829 Words
    • 4 Pages

    The author described potential risks of DTC advertising. For example, the pharmaceutical company abused the power of DTC advertising and promoted a less effective drug that was never proved. The author pointed out that this problem occurred because the pharmaceutical industry does not have a strong ethical code for advertising. However, the author admitted that there was also potential benefits of DTC advertising; patients with undertreated conditions could get treatment from DTC advertising. The author concluded that DTC advertising is not prohibited enough than it supposed to be.…

    • 829 Words
    • 4 Pages
    Improved Essays