JW JoongWai Selected as an 'Outstanding Company for Employee Invention Compensation'

JW Choongwae Pharmaceutical announced on the 5th that it has been selected as an ‘Excellent Company for Employee Invention Compensation 2023,’ organized by the Korean Intellectual Property Office and the Korea Invention Promotion Association.

JW Pharmaceutical announced on the 5th that it has been selected as an "Outstanding Company for Employee Invention Compensation in 2023."
[Photo by JW Pharmaceutical]

The Excellent Company for Employee Invention Compensation certification system is designed to encourage in-house employee invention systems and strengthen fair compensation frameworks for inventors, thereby promoting creative technological development within companies.

Certified companies receive benefits such as priority examination for patents, utility models, and designs for two years, as well as additional reductions in registration fees. They also enjoy preferential points in government-supported projects including those from the Korean Intellectual Property Office, along with special privileges such as SGI Seoul Guarantee insurance premium discounts and expanded guarantee limits.

With this selection, JW Choongwae Pharmaceutical will enjoy the benefits of the Excellent Company for Employee Invention Compensation certification for two years starting from the 20th of last month.

The JW Group has established and maintains patent management regulations at the group level. Every year, it holds an employee invention review committee that evaluates inventions based on criteria such as strength of rights and business feasibility, and provides compensation to researchers who contributed to the inventions.

Through this process, during the two-year evaluation period for employee invention compensation, JW Choongwae Pharmaceutical completed compensation for employees related to two patent applications and two patent registrations.

The JW Group plans to continue activities to raise awareness of the importance of intellectual property (IP) among employees of group companies such as JW Choongwae Pharmaceutical, JW Shinyak, and JW Life Science. The goal is to enhance expertise in IP to prevent patent infringement and strengthen technological competitiveness.

A representative of JW Choongwae Pharmaceutical stated, “We actively operate the employee invention system to motivate our employees’ inventive spirit and secure intangible assets with business value. We will spare no effort to support investments in new technology development and intellectual property creation so that they can lead to corporate competitiveness.”

This content was produced with the assistance of AI translation services.