CEBU, Philippines - The International Pharmaceutical Inc. (IPI) is boosting its presence in the world market, by working on getting Intellectual Property Rights (IPR) for some of its export quality product lines, strongly penetrating the ASEAN member countries, Middle East and the United States.
Although, some of its products like its liniment lines, Efficascent Oil, Omega Pain Killer, soap, Gastripac have already entered the global market, IPI vice president for sales and marketing Stanley Uang said there is a need for the company to invest on acquiring patents in each country that the company is going to penetrate.
Although, this means a considerable investment for the Cebu-based pharmaceutical firm, Uang said it has to aggressively move on to compete globally, considering that IPI’s products have gained patronage not only for the OFW (Overseas Filipino Workers), but foreigners as well.
“We are talking with [IPR] lawyers in several countries. Although the process is expected to take time, but we just have to work with it,” Uang said in an interview.
Its medicinal brand, Gastripac is about to be registered with the US Food and Drugs Administration (FDA), as the company sees big potential of this product in the US market, he said.
IPI has been in the export business for quite some time now. While its growth is encouraging, Uang said its potential is huge to conquer other continents, if registration on IPR of its products will be processed.
An International IP (Intellectual Property) consultant Lighthouse IP Group earlier urged local firms to start considering intellectual property protection, as this is one of the most important shield to fight-off competition and thrive in the highly competitive global market.
The Netherlands-based firm, which has established an outsourcing office in Cebu since 2009, is now looking at the local market to seriously look at the IP protection, especially for the manufacturing companies, creative sector, among others. — Ehda M. Dagooc
Lighthouse IP Group chief executive officer (CEO) Willem Geert Lagemaat said that there is a need for Filipino companies to be aware and be more educated of the benefits in protecting their businesses, by applying trademark or patent registration.
In the Philippines, Lagemaat said despite the government’s push to promote IPR (Intellectual Property Rights), there are still a number of companies which still has to understand and be aware more of the huge benefit they have to get once their products, services are protected.
“People [in the Philippines] should be aware that it’s a threat to their businesses, [if their products and services are not protected]. It is something that they can benefit from in the long term,” Lagemaat said.