Biomedical Consulting Agreements―A Guide for Academics

There can be a clash of cultures when academic scientists negotiate consultingagreements with biotechnology or pharmaceutical companies. Scientists, accustomed to the collegialatmosphere of the laboratory and sometimes disdainful of legal paperwork, might be less thandiligent in reading the fine print. On the other hand, a company--motivated to protect discoveriesand trade secrets--might write provisions that are favorable to its interests, leaving it to thescientist to raise objections or offer a counterproposal. The scientist, meanwhile, might believethat it would be impolite or antagonistic to raise questions about a company'sagreement.

This book offers an essential guide for academic scientists andphysicians who are considering consulting work in the field of biomedicine. In it, the authors--anattorney and a Nobel Laureate in Medicine, both with extensive experience reviewing and negotiatingconsulting agreements--outline key issues to consider before signing a consulting agreement. Theseissues range from the obvious--intellectual property, confidentiality, and fees--to those that mightnot spring immediately to mind, including indemnity, different classes of stock, and the relevanceof insider trading and securities laws.