Relevant responsible persons from the Economic Development Bureau of Changsha Economic and Technological Development Zone and the Hunan Branch of CPIC Property & Casualty Insurance delivered patent insurance policies to Hunan Bizu Biotechnology Co., Ltd. (referred to as “Bizu Biotechnology”). On that day, the company successfully insured its two core biotechnology invention patents with patent enforcement insurance, and the Management Committee of Changsha Economic and Technological Development Zone will fully cover the first year’s premium of 16,000 yuan.
“Core technology is our lifeblood. Now that we have this ‘insurance policy’ from the government, we feel more at ease in research and development and innovation!” said an official from Bizu Biotechnology. The company has invested a total of 1.6 million yuan in patent enforcement insurance and additional infringement liability insurance for its two core patents, “A Method for Inducing the Directed Differentiation of Olfactory Mucosal Mesenchymal Stem Cells into Dopaminergic Neurons.” This insurance policy acts as an “insurance armor” for the core technology.
Pain Point: High Cost of Rights Protection, Enterprises “Dare Not Fight”
The investment in biomedicine research and development is large and the cycle is long. Core technology patents are the most valuable assets of enterprises. However, in the face of potential infringement, the high cost of rights protection—investigation and evidence collection fees often amounting to tens of thousands or even hundreds of thousands of yuan, as well as legal litigation fees, and the uncertainty of the outcome of rights protection—often deter technology enterprises like Bizu Biotechnology. In the past, when suspected infringement was discovered, after assessing the cost of rights protection, sometimes there was no choice but to give up, admitted a company official frankly.
Breaking the Deadlock: The Government Gives Out Insurance Policies, Putting on “Insurance Armor”
To address this pain point for enterprises and effectively “protect” innovation achievements, Changsha Economic and Technological Development Zone has introduced several measures to strengthen the intellectual property chain and enhance efficiency. One of the key measures is that the government will fully subsidize the first-year premium for enterprises to purchase intellectual property insurance.
The Hunan Branch of CPIC Property & Casualty Insurance responded positively and promptly launched intellectual property insurance products. A relevant person in charge of the company introduced that intellectual property insurance aims to fulfill the important measures stipulated in the “Implementation Plan for Jointly Building a ‘Three Highs and Four News’ Intellectual Property Strong Province” issued by the People’s Government of Hunan Province and the National Intellectual Property Administration, as well as the “Several Policy Measures for Accelerating the Construction of a Science and Technology Finance System to Strongly Support High-level Self-reliance and Self-strengthening in Science and Technology” jointly released by seven departments including the Ministry of Science and Technology and the People’s Bank of China recently.
This is of great significance! The person in charge of Bizu Biotech excitedly stated, “Now if we find someone infringing, we no longer need to worry about the cost of rights protection and can take action immediately.” The costs of investigation and evidence collection as well as hiring a lawyer to file a lawsuit are borne by the insurance company first. If they win, they can also compensate for the losses. This “amulet” from CPIC enables us to focus all our energy and funds on research and development and innovation, truly experiencing the substantial support of “ensuring technology with peace of mind and protecting innovation without worries”!
Extension: The “Protecting Safety” Campaign Is Not Limited to Insurance
The launch of the first intellectual property insurance policy is a microcosm of the actions taken by CPIC Property & Casualty Insurance Hunan Branch to safeguard enterprises in Changsha Economic and Technological Development Zone.
A relevant person in charge of CPIC Property & Casualty Insurance introduced, “The first deal landing is just the beginning.” We hope that through this successful case, more enterprises will understand and apply intellectual property insurance tools to bravely protect their innovative achievements. Let enterprises innovate more at ease and develop more steadily in Changsha Economic and Technological Development Zone.
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