LAS VEGAS—Manufactures of cosmecutical products who patent their formulations can protect their business and create additional revenue, said Louis C. Paul, esq., founder of Louis C. Paul & Associates PLLC, at a presentation at SupplySide West. Louis said patents give manufactures the right to exclude others for practicing a claimed invention; in other words, they create legal monopolies that last 20 years. When others in the industry want to use the information covered in a patent, they must get a license from the patent holder. This is a good way for patent holders to earn additional income, said Paul.
However, not every ingredient and formulation is patentable, he said. In order to be eligible for a patent, it must be useful, novel and not obvious. The legal definitions of “novel,” “useful” and “obvious” are open to a great deal of interpretation, so Paul suggested consulting with a lawyer or patent expert before submitting the patent application.
And, Paul offered some strategies to filing the patent. He said it is best to be over-encompassing and patient, as the process can take two years. However, that time can be reduced, he said, if the inventor is older than 65 years old.