Commercialization of Intellectual Property in Brazilian Pharmaceutical Industry: main challenges and best practices

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Commercialization of Intellectual Property in Brazilian Pharmaceutical Industry: Main Challenges and Best Practices
The Brazilian pharma market has been one of the fastest growing in the global market. The industry is crucial because of the significant role it plays in the country’s healthcare system. It has attracted numerous players, some who are local and others foreign. Because of the industry’s importance, there are several policies that have been instituted in order to govern it and steer the industry towards growth and global competitiveness. The area of intellectual property rights is one of the key segments in the industry where lots of efforts have been put in order to ensure that innovations are encouraged, by instituting relevant bodies that govern the processes. Notably, the industry has been facing challenges especially in research and development because of limited resources. Regardless, the industry is rising to the occasion and exploring areas of R & D such as biotechnology. There are various ways by which IP commercialization is undertaken including forming collaborations or private practice among others; providing means by which IP owners can capitalize on their ideas. While most of the companies in the Brazilian pharma market have been conducting closed innovation which entails independent/ internal kind of innovation, there are some which have been adopting the open innovation strategy; which involves collaboration in order to share the resources and consequentially minimize costs. Innovations are bound to increase as more mechanisms of IP commercialization keep on being promoted through favourable polices.