After evaluation of various options, the recommended elution Is to sign an agreement with a manufacturer and gain annual royalties on sales of medicine. Detailed analysis is presented in the report attached herewith. Regards, Rusher's Patella student, WIMP Jan 5th, 2011 Executive Summary The key problem to be addressed is how to respond to the request made by fellow faculty member Dry. Earmark to ensure the intellectual property protection and centralization of his formulation targeting coronary atherosclerosis and what might be the possible repercussions of the decision on MIMIC and Asides medicine system.
The Recommendation 9 Action Plan 9 Exhibits.... Situation Analysis Indian Medical College (MIMIC) was established in 2004 in Achaean (Tamil Nadia) to be a centre of excellence in Asides medicine by imparting higher education, promoting its use and researching various aspects of it. The key problem is the proposal put forth by Dry. Earmark to MIMIC three months ago in early October 2010 that MIMIC should ensure the patenting and commercialism of his herb-mineral cardiovascular
Asides formulation that can be used for the treatment of coronary atherosclerosis. It has 90% chances of securing intellectual property rights as per a legal firm. The unique selling propositions of the formulation include non-invasive technique, cost- effectiveness, no side effects and reduction in need of vascular extents. Thus, it can be expected to have a great acceptance in market. It is understandable that the way this proposal is handled shall not only affect Dry. Earmark, MIMIC and its staff but also impact the future of Asides medicine system.
The decision might impact the two referrers researching in aneurysm and treatment of septa defects and also the future of research activities at the institute. It is also true that validating gastric procedures and preparations may serve as a means to motivate other faculty members as well. Looking at Dry. Rampart's past record of developing useful modified gastric formulations which included a successful preparation for infertility, his new formulation can be safely presumed to be equally useful.
The information sheet he provided shows that the formulation has been through animal toxicity study and was also tried on patients yielding successful results. No Asides medicine has the acceptance of Asides medicine by alternative systems of medicine. The patenting of a Asides medicine backed by evidence of safety analysis would be a major leap towards recognition as a globally-accepted medicine system. The solutions provided by a couple of management education students seem to be quite useful but need to be carefully evaluated to find out the most optimal route and what might be its possible repercussions.
The Problem To find the most optimal solution to Dry. Rampart's proposal, keeping in mind, the interests of MIMIC, its staff and Asides medicine system. The Options The various alternatives that can be considered include: 1. Turning down Dry. Rampart's proposal or 2. Directly transferring the rights to a third party for a one-time licensing fee or 3. Using a registered pharmaceutical setup to manufacture the medicine, but do the marketing itself or 4. Signing an agreement with a manufacturer and gain annual royalties on sales of medicine.
Criteria for Evaluation Criteria in descending order of preferences: a. Impact on Asides medicine - Mimic interests' lies in promotion of Asides medicine and hence, is the most important criterion. B. Interest of MIMIC - MIMIC mandate has to e followed and the interests of MIMIC & staff have to be protected. C. Profitability - Higher profitability shall help in development of institute and promote further research in Asides medicine. Evaluation of Options 1. Turning down Dry. Rampart's proposal a. Impact on Asides medicine - There shall be no apparent effect as such.
But, the golden opportunity to foray into the global market and getting recognition amongst the conventional medicine systems shall be missed. B. Interest of MIMIC - Dry. Earmark shall be utterly disappointed with MIMIC and also the other two professors shall also feel denominated. C. Profitability - The institute shall not be able to capitalize on the commercial benefits on the formulation. 2. Directly transferring the rights to a third party for a one-time licensing fee Asides product. No significant credit of success shall go to MIMIC or Dry.
Earmark as all the rights over the patent are handed over. B. Interest of MIMIC - Transferring the license will not let MIMIC commercialism the benefits of exploiting the formulations, and hence the interest of the institute might get affected. The other two professors might be motivated by the recognition and support rendered by MIMIC to Dry. Rampart's research. C. Profitability - The expected return as per random variable distribution turns out to be RSI. 57,500 (Exhibit 1). Since the profitability is greater than 1, it is an acceptable proposal. . Using a registered pharmaceutical setup to manufacture the medicine, but do the marketing itself a. Impact on Asides medicine - The promotion of Asides medicine can be regulated in an efficient manner since the marketing responsibilities will be of MIMIC who shall dedicatedly work towards it. B. Interest of MIMIC - Dry. Earmark shall be extremely happy with MIMIC. The other two professors shall be motivated by the support displayed by MIMIC. However, lack of competent marketing professionals might restrict the progress of this approach. C.
Profitability - This plan provides better profitability as compared to the previous plan (Exhibit 1). 4. Signing an agreement with a manufacturer and gain annual royalties on sales of medicine a. Impact on Asides medicine - This shall be the foray of Asides medicine towards getting recognition amongst the parallel medicine systems as it would be the first patented Asides drug backed by evidence to enter the market. It illustrates the best way as to how to reap commercial benefits of Asides formulation and shall also inspire other Asides colleges and researchers. B. Interest of MIMIC - Dry.
Earmark shall be overwhelmed with Mimic response and the other two professors shall also derive inspiration from this. There are minimal responsibilities on the shoulders of MIMIC. The patent rights remain with MIMIC and hence, they own the formulation if the agreement ends before exclusivity period of patent. C. Profitability - This plan provides highest profitability I. E. 2. 21 and highest gross sales I. E. RSI. (Exhibit 1). Higher gross sales suggest promotion and acceptance of Asides medicine among masses. The Recommendation Action Plan Following steps are proposed to follow up on recommendation: 1 .