A strategic intellectual property policy is a coordinated approach to the identification, creation and enforcement of intellectual property (IP). Consideration is sometimes not given to why IP should be protected or enforced from the perspective of what the company expects to derive from the IP. This can result in a ballooning IP budget with frightfully little to show for it when needless patent applications are filed or litigation is pursued for IP rights that are not aligned with the business interests of the company.
Companies that derive the most from their IP budget actively manage the entire process of identifying, protecting, and monetizing the IP, keeping in mind the strategic goals of the company and focusing efforts and funds on the IP resources that will help the company achieve those goals. This is especially necessary for bioscience companies, where lengthy development periods can generate much IP with little immediate returns.