You may own the copyright (assuming you didn't assign it to, say, the publisher), and, depending on the resulting product, it might infringe the copyright in your paper. It's impossible to answer this question further without knowing further background about the paper, and the product. I assume you didn't apply for a patent on this.
Ok it looks like you have grounds to sue for infringement of your copyright. I strongly recommend you meet with a copyright lawyer to get their opinion.
Still there are many if's and buts left unclear to you and me. Before planning to sue, which will involve time and money spending, you can send a simple notice to the person concerned and wait if he/she realizes that he/she owes you a licence at a given consideration of fee/royalty/both. The response or no response in a given time period (to be mentioned in your letter) by the person will allow you to decide on further legitimate course of action. If stakes are high you may take legal advice in the first go.