Life Science Trade Secret Valuable But Vulnerable To Theft!

Most of the life science industries closely guard their trade secret to stay ahead in the competition. These trade secrets may include a new compound, new antibody, a new peptide or new gene. The costs of taking protective measures to safeguard secrecy are high and so is the cost suffered if the valuable trade secret falls in wrong hands. For example AGC Inc an aviation component manufacturing company based in Connecticut US became bankrupt when their former Vice President who left them in 2009 joined their competitor Twin Manufacturing Co. It was alleged by AGC that he had stolen their trade secret relating to manufacturing processes, strategic plans, pricing information etc. Since AGC had not taken reasonable measures to protect their trade secrets they failed to prove its theft and courts did not allowed any relief to AGC except grant of limited injunctive relief under the Connecticut Unfair Trade Practices Act (CUTPA) under unfair or deceptive trade practices. AGC