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royalty accounting journal entries

In evaluating the sales component of element , sales of veterinary and cosmetic products are excluded, as are sales of fine chemicals and “commodity” products which are not the fruits of the patentee’s own R & D effort. Where the product is a pharmaceutical, but the patentee’s only R & D contribution is to the product formulation, its sales will be excluded . Sales of licensed-in and bought-in products are also excluded. It has been consistently accepted that agreements made early in the development of a product provide no guidance as to the royalty payable under a licence of right towards the end of the life of the patent. When the Office is satisfied that the grant of licences is not so precluded, the entry in the register is made. Form 28 also includes a tear-off slip which is then stamped and returned to the applicant to confirm that the entry has been made.

royalty accounting journal entries

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Surgical devices are in a special category along with pharmaceuticals, and the old section 41 approach is applicable as a guide in royalty determination, see Shiley Inc’s Patent RPC 97. That patent covered heart valves and the Patents Court settled an index-linked fixed unit price royalty equivalent to 15% of the patentee’s selling price. Index-linking of the royalty was also adopted in Hilti’s Patent (see 46.58). Where they exist, licences entered into voluntarily by the patentee for the drug in question will carry particular weight. However, existing licences for other drugs whether or not granted by the same patentee will afford close comparability, provided there is sufficient similarity between the drugs and their positions in the market. In the cimetidine case, the Patents Court found close comparability in licences granted by ICI for the drug atenolol.

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In the fenbufen case, prospective sub-contractors who were not subsidiaries of the main applicant had been joined in the application. Generally speaking, the rules laid down in the authorities under section 41 for evaluating the three elements have been followed in decisions under section 46. Thus it has been accepted as appropriate that the evaluation should be made with reference to the patentee’s research, development and promotional costs and sales during the last three years for which figures are available. Emphasised that the section 41 approach is never more than an approximation. In the salbutamol case and in the naproxen case (Syntex Corporation’s Patent RPC 585), voluntary licence/supply agreements existed for the same drugs. However, only the supply agreements had actually been worked and it was decided that the effective royalty paid under the supply agreements was somewhat less than the 30% specified in the unworked licences.