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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3670
Experience:  Solicitors 2 years plus PQE
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Hi, Say, i have invented a mirracle body cream and i would

Customer Question

Hi,
Say, i have invented a mirracle body cream and i would like to sell the firmula and how it's made to a well known company. Where do i start? Is it possible to patent any of this? And how do i reach the company with a proposal? Do i need to test it first in laboratories that it is good to use or could the company i approach do that and where would i find laboratories like that? Do i need to hire a solicitor to visit the company? Do i need to make any legal documents so that the company i approach wouldn't steal the idea and that i would get a good money for it?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

I will answer your questions in turn:
1. You can patent something that represents an inventive step, is state of the art and is capable of industrial application. You have the formula and cream and it is capable of being sold as a beauty so I see no reason why you cannot attempt to protect the formula as a patent.

2. Once you have a patent in place then you will have a tangible product to take to these companies. They are likely to want to see evidence of its results or a trading or scientific evidence backing up any claims you make about it. The best way to contact them is to write to their marketing representatives.

3. If you approached the company with the formula before disclosing the formula to them (and assuming you have not secured a patent yet) you will need to get them to sign a non disclosure agreement.

4. You do not necessarily need a solicitor but will need one when it comes to negotiating the licensing of your formula to these companies.

Can I be of any further assistance?

Kind regards

AJ
Customer: replied 3 years ago.
What do you mean by licencing the formula ?
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

Well you have the following options:
1. You can produce the formula yourself;
2. You can sell it to a pharmaceutical company, but they will want ownership of the whole thing;
3. You give a licence (i,e permission) to produce it and you will be paid a royalty for the sales they make or just paid a flat fee for the permission.
4. You enter into a joint venture with a pharmaceutical company, you offer the formula and they provide the finance and technical/sales support.

Kind regards

AJ



Customer: replied 3 years ago.
Also, who writes the non disclosure agreement?
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

To be honest with you I think it would be best you get a local solicitor to do it. They will be able to read the formula and draft a document that best protects it.

It is a short document and will at most cost £250 plus VAT.

Kind regards

AJ