There are many doctors who engage themselves in research and development to improve the health concerns of our society. They often work with pharmaceutical companies to develop a drug or within an institute or company to develop a medical instrument. The company pays him royalty for any successful invention when the drug or the instrument is launched and sold in the market. The benefits of commercialization of research should also go to the inventor besides the sponsor.
California in US has channelized the largest amount of money to the doctors due to their inventions. Millions of dollars have been disbursed. Surgeons and doctors are always sought by the company who makes drugs and medical equipments because they know the exact short coming of the medicine or the instrument and can suggest about the line of improvement. Some doctors often develop instruments, surgical or medical equipments at the university. He can commercialize his invention and seek royalty by considering the following steps if there has not been any public disclosure:
- Invention Disclosure: The inventor will have to write an article describing this theory and the product. A design of the equipment should be illustrated or photo is to be attached if the prototype has been already developed.
- Filing the patent: A provisional patent application should be submitted to the Patent and trademark office through proper channels of the university.
- Acquiring License for the patent: In this phase, the research and its patent is being marketed to appropriate industry segments through the technology transfer office of the university. A negotiation on royalty can be done. The inventor can suggest his preference regarding the usage of his instrument. Patenting fees and other legal fees are to be paid by the university.
- Sharing the revenue: The inventor gets 30% of the royalty. University gets the remaining.