New York - Paul Hastings LLP, a leading global law firm, announced today the launch of its Failure-To-Market (“FTM”) Forfeiture Guide intellectual property patent app for the Android platform. This free app is also available for the iPhone and iPad.
The FTM Forfeiture Guide gives life sciences and intellectual property professionals access to a cutting-edge tool that provides a simple solution to a complex challenge often faced by decision makers in the pharmaceutical industry – guidance through a generic drug forfeiture provision of the Hatch-Waxman Act. The animated app avoids the awkward and cumbersome “earlier of … the later of” language of Hatch-Waxman’s failure to market forfeiture provision, instead using two to five simple Yes/No questions whose answers reveal whether or not a failure-to-market forfeiture has occurred. The app also shows how the result was obtained.
Hatch-Waxman Act provisions guide the launch of the generic versions of patented drugs. The generic drug maker that is first-to-file a patent challenge with its version of a drug may enjoy a 180-day exclusivity period before other generics can enter the market. This critical exclusivity period can be worth millions of dollars in sales revenues for the generic developers, and accordingly, may shape the competitive landscape.
“We created this app to guide users to insights that are crucial to the business planning of pharmaceutical companies,” said Bruce Wexler, an Intellectual Property partner at Paul Hastings, who co-founded the life sciences patent litigation practice and designed the app with an in-house team. “We wanted to provide our clients with a useful and substantive tool that explains complex issues simply and aids with legal and business decisions,” he added.
The app can be downloaded for free here from the Google Play Store. It also can be found on iTunes here. A video tutorial of the app can also be found on YouTube here.
Paul Hastings has a leading Life Sciences practice, which was recently recognized by Law360 as a Life Sciences Practice Group of the Year. Our experience includes counseling biotechnology, pharmaceutical, medical technology, healthcare organizations, and financial institutions investing in this sector.
Paul Hastings is a leading global law firm with a strong presence throughout Asia, Europe, Latin America, and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.