How will you formulate a patent licensing strategy, explain it with an exampleor case study. 

Formulating a patent licensing strategy involves developing a plan to leverage intellectual property rights through licensing agreements. This strategy enables the patent holder to monetize their patents by granting permission to other companies or individuals to use, manufacture, or sell their patented technology or invention. The goal is to create mutually beneficial partnerships while maximizing the value of the patent portfolio. Let's discuss the key steps involved in formulating a patent licensing strategy using an example:

1. Patent Portfolio Assessment: The first step is to assess the patent portfolio to identify the patents with the highest commercial potential. This involves evaluating the strength, novelty, and market relevance of each patent. For example, a pharmaceutical company may have a patent for a groundbreaking drug formulation that has the potential to disrupt the market.

2. Market Research: Conduct thorough market research to identify potential licensees who may benefit from the patented technology. Analyze the competitive landscape, target market size, and potential demand ___ ________ ___ __________ ______ ____ ______ __________ ______ ___ _______.
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