London’s Financial Times carries a report that Lloyd’s underwriter Kiln has written policies insuring an unidentified “multinational pharmaceutical group” against challenges to some of its intellectual property rights.
Kiln believes that this is the first instance of such a patent protection policy. Drug companies are increasingly under pressure from generic competitors when the patents they hold on their proprietary medications expire or are ruled invalid, opening the way for cheaper copies to be produced and marketed, which can reduce sales and profit margins dramatically.
According to the FT, Kiln, working with Lloyd’s brokers Glenrand, underwrote a series of policies to protect the company’s various patents and trademarks seen as vital to its future growth.
Edward Williams, managing director of Glenrand Intellectual Property, and Kiln underwriter Robert Chase both feel that the whole sector of intellectual property rights, upon which many companies depend to protect their markets, has “absolutely huge” potential, according to the FT.
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