House and Senate consideration of the plan is not expected before until September 2000. If designed appropriately, the venture capital program could generate millions of dollars in early stage funding for biotechnology companies in the state. A private firm demonstrating past success in health-related investing would administer the venture funds. PTC also continues to advocate for language in proposed legislation explicitly identifying biotechnology as preferred recipients of funding. PTC representatives in Harrisburg, in cooperation with the Pennsylvania Biotechnology Association, encourage members supporting the venture fund plan to contact local members of the Pennsylvania House and Senate to urge adoption of the proposal.
Intellectual property is one of the most important assets of a life sciences company.
Mr. Dever launched the discussion by explaining the basics of patent protection, including filing patents, the life cycle of patents, protection afforded by patents, and costs. Several audience members posed questions about the correct course of actions when sued or planning to sue on the grounds of patent infringement. Trends affecting patent litigation include an increase in claims frequency, corporate asset values at risk are soaring to an all-time high, litigation costs are very high, and jury awards have become unpredictable. Mr. Garofalo also discussed how to transfer those costs to insurance policies. To quantify costs associated with patent insurance, it is necessary to set up a meeting between an experienced insurance professional and the members of the corporate management team.