Patent Information: Details Leading to Huge Profits

Patent information searches aids in patent filing and case of patent litigation. However, this traditional approach is changing. This information is now a major part of patent strategy, the credit goes to computerised databases.

It contains the details of published patents along with the referred books. It also includes utility models, utility certificates, and inventor’s certificates. To sum up, It is a complete collection of technical documents on new technology.

A patent file contains a lot of information about state-of-the-art, detail of technological growth. It’s necessary to understand the basics of the patent system to grasp the importance of patent details.

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Patents: Overview

Patents mean the sole right of an inventor over the claimed invention. One must seek his/her permission to make a profit from that invention. It is granted by the patent office of a nation or a group of nations. It is valid for 20 years from the date of applying. A patent application includes a front cover, description, specifications, drawings, and a claim. A claim is a part that decided the novelty of the product.

The specification contains technical details of the invention. It must be precise for a better understanding. Firms include drawings for a better explanation of the process. The claim defines the aim of the invention and the features the applicant wishes to protect legally. Applicants try to draft a broad claim. However, the patent examiner narrows down the claim to study the invention. Also, Claims are essential in a lawsuit as they decide whether the product is novel or guilty of infringement.

How to analyze patent information?

There are two ways to study patent information- quantitative and qualitative. The quantitative approach focuses on statistics while the qualitative method pays attention to the content of patent documents. Both methods have different applications and goals.

The result of this analysis is displayed using pie-charts, radar charts, polygonal line-graphs, bar graphs, other charts/graphs. These are also known as ‘patent maps’.

Sources of patent information

  •  CD-ROM directory: CD-ROM has data in picture and text form. It is easy to search for documents on a CD. However, they are not up-to-date in comparison with online databases.
  • Online database: One can easily search for these online databases. They have complete information of approved patents. These databases can have worldwide access. USPTO is the most popular source of information regarding published patents.

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Benefits of this information

Patent details play a crucial role in many ways. Firms have realized that they can determine the outcome of the patent process. Hence, Here are some key benefits

Better Licensing strategy

There are three licensing strategies- Licensing in, licensing out, cross-licensing. Firms/inventors use this as per their convenience. However, patent details play a major role in all three.

Analyse these patent details before ‘Licensing in’:  Check for the reason inventor is licensing out the invention. Whether it is due to non-payment of maintenance fees, expiry, or non-protection. Consequently Inspect about any pending proceedings in the court.

Examine every possibility of infringement and future lawsuit. Compare existing technologies to come with the exact value of the invention. Patent information aids in this research.

Important details before ‘Licensing out’: Examine every prospect’s IP portfolio before licensing out. It is possible with patent details. Make sure to figure out the value of your invention. This helps to create a better proposal and make more profit.

Cross-licensing: This practice is a mutual agreement between two firms. Firms grant freedom to operate each other’s IP portfolio. However, Both firms must have a strong IP portfolio, and firms use patent information to compare the IP portfolio.

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Quality acquisition and mergers

In case Firms plan to acquire certain technology, they need patent information analysis for the best outcome. A patent search can show results for related patents. Furthermore, Patent details will refine the results and come up with better targets. This analysis also helps in other factors like determining whether the technology is good enough?, Fair evaluation of the company and terms & condition after the acquisition.

Improve Research and Development

Firms must evaluate the potential of technology and market needs. Patent information reveals the potential of advancements and expansions. It also helps in competitor analysis, detecting a problem, and providing solutions for some problems.

Patents are the output of R&D and determine its efficiency. Firm shaving more patents under their name have a strong R&D team. However, more numbers don’t represent quality. Only a few patents are reforming while others are advancements and progress. Patents that attract most firms is a quality patent. Patent information reveals such patents and firms with a strong IP portfolio.   

Brain Mapping

In most cases, only a few gifted inventors drive the R&D of a particular firm. Patent analysis can easily target such inventors both within the company and in other firms.

This aids in creating better strategy while M&A to retain high performers.

To sum up, Patent Information is the demand of today’s fast-evolving system. Big firms have realized their importance while making a tactical decision. It is equally valuable to small & medium firms as this analysis saves a lot of resources.

Hire Us to conduct an efficient Patent Search

The Patent Search Firm has over a decade of experience in the IP field. Our team covers possibly every technical domain. Also, we have over 1200+ happy clients in 45+ countries. We go through every database to deliver precise results. Also, the clients can check the status of the work at any stage of the process. Moreover, 100 % customer satisfaction is our top priority. To know more, visit our service page: The Patent Search Firm.

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