Technological and economic development worldwide leans heavily on new and competitive products. They can be classified on the basis of their significance at different levels of sophistication and in different sectors of the economy, from high-tech to everyday products. Some reach international success, while others are noted within their home region or country. Technology and inventions promote general welfare and also play an important role in the production of services.
In most industries, intellectual property rights, especially patents and their exploitation, hold key significance in the development and commercialization of new products. Businesses should have an intellectual property strategy as part of their corporate planning and strategy.
An intellectual property strategy defines the principles that intellectual property rights are designed to serve and how patent matters and other intellectual property matters are handled within the enterprise. The purpose of patent policy is to support the business operations of an enterprise. Neglecting patent matters may turn into a threat to development in an internationally expanding business.