Register trademarks is essential for pharmaceutical companies to protect their brand, maintain exclusivity, prevent confusion and disastrous consequences and create a valuable asset. It is in its strategic interest and should be an integral part of its business strategy.
Brand Protection: Trademarks are vital for protecting a company’s brand identity. In the pharma industry, reputation and trust if paramount and this can be protected and recognized by its brand. Registering ensures that competitors cannot use the same or similar mark which could cause confusion amongst consumers.
Prevents Disastrous Consequences: If a competitor copies your mark and uses it for a different formulation for a different ailment, the results could be disastrous for a consumer who consumes one product thinking it is the other. Registration prevents others from copying the mark for any pharmaceutical product.
Ease of adopting Legal Action: If your trade mark is registered, it becomes easier for you to sue another for infringement of the trade mark as registration gives you exclusive statutory rights to use the trade mark in respect of the goods for which it is registered.
Value and Asset: Over long period of use, the trade mark can acquire substantial goodwill and reputation and become of immense value to the business. Several trade marks have been sold for astronomically huge amounts of money.
Thus, all pharma companies must register their trade marks for each and every product that they manufacture and sell. Take the help of an Intellectual Property lawyer before finalizing and using the trade mark as proper selection plays a very important role.
If you are confused or require any additional information you may visit our website www.rgajria.com for more information or contact us to talk to one of our experienced attorneys.