Product Piracy - Does it still make sense to file a patent application?

Innovation is important for the competitiveness of an enterprise. Patents protect innovations and enable companies to exploit the fruits of their R&D. This article focuses on the effects of product piracy upon our Western patent system. It shows that in the future there will be only two alternatives for the strategic IP-management in sectors exposed to piracy threats: to patent the inventions in all relevant markets or to maintain them as trade secrets. This paper highlights the parameters as well as results.