National Intellectual Property Strategy Offers New Opportunities for Canadian Innovators
Toronto, April 26, 2018 – The federal government today announced details of its much-anticipated National Intellectual Property Strategy. The strategy is designed to provide innovators, entrepreneurs and businesses the confidence they need to grow and take risks by helping better manage and protect Canadian intellectual property (“IP”).
Think Research, a leading Canadian digital healthcare company, has long-recognized the importance of IP when developing new products and services for the healthcare sector.
“In big data-driven industries like digital healthcare, there is significant value in the underlying information sets. Companies need a framework of IP certainty in order to develop new and innovative ways to effectively extract value from that information”, said Damien McCotter, General Counsel at Think Research.
The details of the National Intellectual Property Strategy include an investment of $85.3 million over five years. The strategic initiatives include:
- developing online “portals” that provide better access to public sector IP;
- enhancing Canadian participation in international standard-setting bodies;
- creating a “patent collective” that Canadian companies could license from to strengthen their defensive IP position and build on their own innovations; and
- reducing the cost and time of settling intellectual property disputes.
Think Research is encouraged by the strategy’s objective to reduce costs and create incentives for Canadian businesses, especially those focused on solving problems in the country’s largest sector – the healthcare industry.
“IP is the currency of the knowledge-based economy, and data is the currency of the data-driven economy. Both are critical to innovation and to the success of companies focused on solving the country’s biggest problems,” said Sachin Aggarwal, CEO of Think Research. “We’re pleased to see movement on one of these key pillars and look forward to seeing more on data issues in the future.”
Think Research has grown its intellectual property portfolio in recent years and has seen value in both licensing-out technology and collaborating with the public sector research community and other innovative companies. The strategic initiatives announced today offer new incentives for Canadian businesses to leverage their intellectual property, and according to Aggarwal, also offer companies like Think Research an opportunity to further contribute to Canada’s standing as a global leader in research and innovation.
“Our focus has been on developing new innovations here in Canada. This new intellectual property strategy helps us build on our homegrown ideas, create new jobs, and deliver the benefit of our technologies across Canada and around the world,” Aggarwal stated.
Aggarwal is further encouraged by the opportunity to enhance Canadian participation in international standard-setting bodies, “Our objective is to help organize the world’s health information so that everyone gets the best care. A thoughtful and careful approach must be taken when developing new data-driven technologies. Not only do we see the value in exporting our Canadian innovations, we also know how important it will be to export our principles and policies relating to privacy, security and the responsible use of data.”
About Think Research
Think Research’s mission is to organize the world’s health knowledge so everyone gets the best care. The company takes the ever-growing body of clinical evidence and health care algorithms to create software applications that drive high quality clinical decision making. Think Research’s solutions are provided through a secure, multi-application platform that is used by clinicians and patients at the point of care, and is deployed in over 1,000 facilities in Canada, the US and the EU, with millions of patients being impacted annually.
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