LabPharma is a small medical organization that has designed an innovative insulin delivery system that uses transdermal patches. This technology has been through extensive clinical trials and has been shown to be most effective for treating gestational diabetes. LabPharma has come to know of a company in the process of developing a similar patch. Even though LabPharma is significantly ahead of development than its competitor, it is considering patenting its sytem.

1. Discuss the pros and cons for LabPharma for patenting their transdermal insulin delivery system.
2. Should the company apply for a patent?