Nutraceuticals & Cosmetics
NUTRACEUTICALS CAN BE CLASSIFIED UNDER FOUR CATEGORIES AS DIETARY SUPPLEMENTS, FUNCTIONAL
FOODS, MEDICINAL FOODS AND FARMACEUTICALS.
Intellectual property rights are an important consideration in the nutraceutical and cosmetic industries. Investment in intellectual property rights, such as patents, trademarks, and trade secrets, both protect nutraceutical and cosmetic innovators from competitors and makes companies more valuable and attractive to investors. Patents can provide the means to ring-fence an area of innovation so that it cannot be exploited by competitors to help reinforce a dominant market position. However, the possibility of patent protection should also be an early consideration for innovative companies for the same reasons. Trademarks and branding play a vital role in distinguishing products and services in the nutraceutical and cosmetic sectors, and it is therefore no surprise that these IP rights are an important focus for the sector. Trade secrets, or confidential know-how, have been relied upon historically by the food and drink industry to a varying extent to maintain competitive advantage, typically beyond the maximum lifetime of patent protection (20 years).
A high rate of innovation is expected with large-scale mergers and acquisitions being witnessed already. That is why intellectual property becomes indispensable when capturing the nutraceutical and cosmetic markets. The reason is that the market is relatively new and booming with innovation. Thus, investing in IP will protect the innovators against competitors, enhance the company’s overall value and attract more investors. Moreover, the new players entering the market should also be wary of infringing the IP of existing players as well.
Before Nutraceutical and Cosmetic products are launched, it is a best practice to know if it has the freedom to operate in the market.
At iVakil IP, we help clients get FTO clearance and generate revenue-drive IP for nutraceutical & cosmetic products.