Heather Arranie 
When considering the rapid pace of innovation and advancements in the wellness industry, one area often overlooked is the silent but undeniable influence of patent and IP laws.
From telemedicine apps to personalized wellness solutions, patent regulations have for a long time shaped how these technologies are developed, get to market, and ultimately help improve the health and well-being of consumers.
In this article, we have a balanced look at how patent laws play such an outsized role in this space and the 10 different ways in which they are actively steering this burgeoning industry.
Encouraging Innovation
The core utility of patents is that they help promote innovation by offering a temporary monopoly to inventors, offering them exclusive rights to profit from their innovations, at least for a certain period of time.
Given the amount of money and resources that goes into research and development, we owe such exclusivity to innovators, to help them recoup their investment, while also encouraging more investment and entrepreneurship in this space.
Each country comes with its share of nuances in the case of IP laws. Obtaining patents in Canada is a lot different compared to the same in the US. This in-time will reflect in the innovation and competitiveness of their respective economies.
Protecting Investments
Patents are mainly aimed at protecting original ideas and investors who often pour in millions of dollars to develop these original ideas and make them viable for commercial use.
Without this, products and ideas can be easily replicated, leaving no incentive for innovative research and development.
Standardizing Quality
In order to obtain a patent, applicants must meet certain criterions, including the novelty and non-obviousness of the product or solution in question.
As a result, in addition to exclusivity and protection from competition, it also helps with establishing and maintaining a certain standard quality, which is crucial for lasting success in the wellness tech industry.
Facilitating International Expansion
Patents are territorial, which means they protect inventions in specific countries. For wellness technology firms looking to expand globally, international patents can secure markets overseas, enabling them to enter and compete in foreign markets with less risk of imitation.
Driving Collaborations
Patents can also foster collaborations between entities. Through licensing agreements, companies can share their innovations with others, leading to collaborative developments that might not have been possible individually.
This is particularly relevant in fields like telemedicine, where interoperability between different technologies can enhance service delivery.
Accelerating Public Access
While patents grant temporary exclusivity, they also require inventors to disclose their invention details publicly.
This disclosure can accelerate technological advancement by allowing others to understand, improve upon, and innovate based on existing technologies.
Influencing Market Competition
By controlling who can use patented technologies and at what cost, patent law indirectly shapes market competition.
Patents can create barriers to entry for competitors but also drive them to innovate differently, thus contributing to a diverse marketplace.
Promoting Niche Developments
In wellness technology, certain niche markets may not be appealing to big players. Patent protection can make these less obvious market segments attractive for smaller entities, fostering innovation in specialized areas like rare disease treatments or specific telehealth services.
There has been an explosion in the number of drug candidates focused on rare diseases, largely owing to certain policy overtures by the FDA since the turn of the century. Similar approaches can be used to tackle many more of the pressing problems of the day, with the right policy framework in place.
Determining the Longevity of Technology
The lifespan of a technology in the market can be influenced by its patent status. Once a patent expires, other companies can replicate the technology, potentially reducing costs and increasing accessibility but also possibly stifling the incentive to improve the existing technology.
Shaping Regulatory Landscapes
Finally, the existence and enforcement of patent laws can influence regulatory policies concerning wellness technologies.
Regulators often consider the patent status when approving new medical devices or digital health solutions, which can affect the speed and manner in which new technologies are adopted.
Conclusion
In essence, patent law doesn’t just protect ideas; it’s a key player in the ecosystem of wellness technology, shaping everything from what gets developed to how it’s used globally.
As technology evolves, so too will the laws that help bring these innovations safely and effectively into our daily lives.
