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Definition: Intellectual Property

Christina Hernandez Sherwood, eMed Editor, MedCity News

Definition: Intellectual Property

Intellectual property (IP) refers to creations of the mind. For a healthcare startup, IP likely refers to a particular product, such as a new drug or a wearable sensor.

Entrepreneurs, innovators, and others apply for patents to protect their intellectual property. Jeffrey Schox, a patent attorney and founder of Schox Patent Group, ranks the importance of patents for healthcare businesses (from most important to least): therapeutics, medical devices, diagnostics, digital health, and software.

Related: Dominique Pahud, the Kauffman Foundation's director of innovation and networks, on the right questions to ask about your company's IP.

Definitions are a weekly feature on eMed for current and aspiring healthcare entrepreneurs.

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