Trade secrets: protecting commercial interests

Intellectual property has always been closely tied to technology. New inventions in the field of science and technology are protected through intellectual property rights, which in turn encourages research and development. The ability to discover, create, manage and protect intangible assets is critical in leveraging the maximum benefit from investments in a knowledge-based competitive environment.

While companies must often share their competitive and proprietary information with several individuals to conduct their businesses effectively, it is important that such information is kept confidential. The law of trade secrets has evolved to protect confidential information of strategic importance to businesses. Self-administration by trade secret owners is required; however, protection is offered through the application of common law principles.

The biotech sector is one of the most research-intensive and innovative industries of the knowledge age. Two modes of intellectual property protection are relevant to biotechnology – patents and trade secrets. While patents can be granted in biotechnology if the criteria of patentability are met, trade secrets are a relatively new addition in this field.

Abhai Pandey is a lawyer with Lex Orbis IP Practice, a law firm specializing in intellectual property issues.