Tangible_Property

Tangible Property Rights Cheeseman (2010) defines tangible property as a real property and physically described personal property that includes buildings, goods, animals, and minerals. Tangible property protection is a significant viewpoint of management as further corporation are inflicted or affected by lawbreakers. Tangible property rights protection is an important segment of management because most businesses are extra pruned to fraud perpetrations. Tangible property consists of physical and moveable properties such as: land, warehouses, machineries, trucks and other office equipment. Tangible property consists of warehouses and location of the properties establishment, product, and style of transportation. The intellectual properties that are invented properties include trademarks, patent, copyright and trade secret used to identify and distinguish the company’s products from that of competitors. Tangible property rights means intellectual property rights that integrates patent protection. The pharmaceutical industry is a global competitive market that faces increasing competition from emerging economies each day. Some pharmaceutical companies have very few products, while others are known to produce various products. Pharmaceutical companies are very competitive with one another and it is very important for any pharmaceutical company to protect their tangible property rights. Advanced countries, like the United States, issue patents for innovations such as new pharmaceutical products offering exceptional rights for a 20-year term. Normally, an organization such as a profit generating company requests the patent. To become eligible, the product or method under consideration should fit the description of something not formerly disclose any place in the world. It is highly expected of a manager to acquaint his or herself to the nature of the tangible properties used in pharmaceutical industry by undergoing vitals trainings required and acquiring knowledge related to the tangible properties rights legislation. This will enable the manager to guide against risks on infringement of the company’s patent rights, trademarks and trade secrets. In past years, the pharmaceutical companies have experienced high volume of losses caused by increases theft, vandalism and freight robbery.  When developing a new pharmaceutical drug, there are several aspects of the product that has to be protected by a patent, because if the product is not covered under this patent other pharmaceutical companies will produce the product faster and cheaper. Also, it is important for pharmaceutical companies to protect their drugs with a license because massive competitiveness. Protection of tangible property rights is also used to reduce the risks of theft, vandalism of property and the manufactured goods. It is quiet unfortunate that the poor economy downturn and increased advancement and progression in the technology has produced clever, fast and hardened scandalous people out there. The makeup of the pharmaceutical industry involves the exposure to peers and employees that has led to significant competition less lengthy span of patent distinctiveness in the market. There is no patenting system in place for several emerging nations. Numerous global companies have assumed the responsibilities of supporting emerging nations to help establish the patenting systems. There is a commitment in place by The World Trade Organization affiliates to have in place a patenting system by 2016. According to Minyanville’s business news (March 17, 2010) with the poor economy and increased unemployment, high robbery rate is expected to increase in within the pharmaceutical industry. Thieves broke into a Connecticut warehouse owned by Eli Lilly (LLY) and made away with an estimated $76 million worth of medications, including the antidepressants Prozac and Cymbalta, ADHD drug Strattera, schizophrenia drug Zyprexa, cancer drugs Gemzar and Alimta, and the cardiovascular drug Efient. The Pharmaceutical Cargo Security Consortium reports that the theft , "is consistent with a similar pharmaceutical warehouse burglary that occurred in 2009 in Richmond, Virginia," in which the perpetrators stole 25,000 Advair inhalers worth about $5.5 million from a GlaxoSmithKline (GSK) distribution facility. Statistics gathered by Freight Watch International show that pharmaceutical theft makes up only 4% of all cargo theft by volume, but far surpasses all other commodity groups in terms of value. Profiting from the New World of Pharmaceutical, Biotech, and Health Care Services, says that even though pharmaceutical theft will likely “not be a material problem” for Lilly (on which he has a Neutral rating) and other drug companies. It must continue to take steps to ensure the security of its supply chains. “The knock-on effect of pharmaceutical theft is that people could start to feel concerned about where their drugs are coming from,” Funtleyder notes. “Supply chain integrity is incredibly important in the US -- you need to be able to trust your drugs are what they are, that they’re coming from where they’re supposed to be coming from, and that they’re in the condition they need to be in.” Funtleyder shows that as pharmaceutical companies delve deeper into emerging markets, which is the big growth driver for the industry; they need to be ever more vigilant regarding their overseas supply chains—an issue Funtleyder does not think has “been resolved by any of the major companies, much less discussed yet.” Although, he couldn’t put a finger on the exact amount companies like Lilly, Glaxo, Pfizer (PFE), Merck (MRK), and Bristol-Myers Squibb (BMY) spend on security, Funtleyder says that they do all have extremely strong security divisions, run by people with extensive experience in law enforcement and intelligence who consistently try to get ahead of the next threat. For example, every box of Pfizer’s Viagra sold in the United States includes a Radio Frequency Identification tag a sort of Lo Jack device for pills, not unlike the GPS systems some banks have implanted into the bags of cash they hand over to robbers, allowing investigators to track their locations from laptops as they flee. “[Bank robbery] is not a good way to make money,” Doug Johnson, vice president of risk management for the American Bankers Association, says. As pharmaceutical security continues to improve, it is likely that robbing warehouses filled with Prozac would not be, either. As a result of the poor economy and risen unemployement, warehouse and pharmaceutical stores robberies have increased significantly. They break into the stores to steal Narcotics for resale and this has caused a lot of over the counter medication to be recalled on several occasions. Team “B” learned of the risk related to the patients; there criminals out there that are forging the drugs. Pharmaceutical managers of companies must take necessary measures to prevent and stop the thieves and shield and secure their property. The necessary steps and measures should be put in place. Pharmaceutical managers should identify potential security threats by becoming aware of who their criminals are. As a company investigate those criminals targeting the pharmaceutical sector. Understand their motive and technique. To decrease the risks, surveillance camera and monitoring equipments’ must be put in place to reveal and exonerate the manipulation of malicious staff and even the criminals that have collided and concluded with the vendors or the customers. Another step is to recognize the nature of the liability involved and how the company is most exposed to crime. The manager can conduct a risk assessment at all points of the business. By putting into operation the risk reduction procedures and setting aside funds to enable for new and improved technology will help a manager in the pharmaceutical industry identify and protect the tangible property rights of its organization. Pharmaceutical companies are one of the biggest industries in the world for competition. Some have only very few products while others are known for just about anything you can think of. Pharmaceutical companies are very competitive with one another and it is very important for any pharmaceutical company to protect their tangible property rights. The making of a new pharmaceutical drug is something that has to be protected by a patent or you better believe someone else is going to make it faster and cheaper. It is very important for pharmaceutical companies to protect their drugs with patents because of the competitiveness they all have with one another. As a manager, they need to make sure that someone else is not already making the drug before they get a patent. The research and development labs at some of these pharmaceutical companies operate by not spending a lot of money. One company may be able to come up with a product in a month while another may be able to come up with that same product in a week. Managers have to be very aware of this and keep up with what needs to be done in order for their products to continue on being protected. Even the equipment that is being used in the labs needs to be kept within the company, because someone else may not have that equipment and would then cause, yet another area of competitiveness. Overall, the managers need to be aware at all times of what and how their operations are going in order to protect their tangible property rights.   References: Readmore:http://www.minyanville.com/businessmarkets/articles/pharma-eli-lilly-theft -warehouse-medications Mar 17th, 2012 By Christine Lebednik, eHow Contributor. TDMonthly Online. 1984 Read more: Tangible Property Rights in the Pharmaceutical Industry | eHow.com http://www.ehow.com/list_7698990_tangible-property-rights-pharmaceutical-industry.html#ixzz1xL6QW1we www.securingphama.com Cheeseman 2010