INTRODUCTION
When the question arises to apply for a patent or not, individual firms incorporate the tension between knowledge protection and knowledge leakage. The smart strategies to patent a product involves inclusion of patent measurements, novelty requirements, disclosure requirements, prospect of patenting combinative innovations and even possibility to patent renewal. The innovator can either take full time hassle of his few inventions, or hire a team of experts for this, and focus on the Research and Development.
Intellectual Property Management is a complex and demanding task that requires close attention to detail, constant monitoring, and proactive strategies. It is a crucial process that ensures that a company’s intellectual property is protected from infringement and helps avoid costly litigation. Many businesses underestimate the importance of patent management, mistakenly believing that filing for a patent is enough to safeguard their intellectual property rights. However, patent management goes beyond the initial filing and includes monitoring, maintenance, and enforcement throughout the patent’s entire lifespan.
PATENT FILING VS. PATENT MANAGEMENT
Patent filing is the initial process of seeking legal protection for an invention. It involves completing and submitting a patent application to the relevant patent office, which will review the application and grant the patent if it meets the necessary criteria. While patent filing is an essential first step, it is not sufficient to ensure that a company’s intellectual property rights are adequately protected.
Patent management is an ongoing process that begins with the filing of a patent application and lasts throughout the patent’s lifespan. Once a patent is granted, the owner must continuously monitor and manage it to ensure it is not infringed upon. Patent management involves a range of activities, including monitoring the marketplace for potential infringers, responding to infringement claims, managing patent portfolios, and enforcing patents through litigation if necessary. Thus, creating demand of a team of experts who know how to not only file a patent, but also maintain its applicability.
WHY PATENT MANAGEMENT IS MORE DEMANDING THAN PATENT FILING
Patent management can be a hectic process if a person managing it has other priorities. Not only patent management involves regular attention, legal knowledge and other required skills, but also keeping up with infringers and connected developments globally.
1. Patent Portfolios
One of the most significant challenges of patent management is managing a portfolio of patents. Most companies file patents regularly, resulting in a portfolio of patents that need continuous monitoring and management. Patent portfolios need to be reviewed regularly to identify potential opportunities for licensing, sale, or litigation. In addition, some patents may become invalid or unenforceable, requiring their removal from the portfolio. Managing a patent portfolio is a time-consuming and demanding task that requires close attention to detail and significant organizational skills.
2. Patent Infringement
Patent infringement is one of the most common challenges that individuals face when managing their patents. It occurs when someone uses, sells, or imports a patented invention without the owner’s permission. Identifying and responding to patent infringement can be a daunting task that requires in-depth legal knowledge, expertise, and resources. Patent owners must monitor the marketplace continuously, including online platforms such as Amazon and Alibaba, to identify potential infringement. They must also be prepared to respond proactively to infringement, which may include sending cease-and-desist letters or initiating legal proceedings.
3. Patent Maintenance
Patent maintenance is a critical aspect of patent management that requires adherence to strict deadlines and requirements. After the grant of patent, every patentee has to maintain the patent by paying renewal fee every year as prescribed in the schedule I. For first two years, there is no renewal fee. The renewal fee is payable from 3rd year onwards. In case the renewal fee is not paid the patent will be ceased. Patent owners must also submit annual maintenance documents that provide updates on the patent’s status, including any changes in ownership or licensing. Failure to adhere to maintenance requirements can result in the loss of patent rights, leaving the invention unprotected.
4. Patent Portfolio Strategy
Every patent portfolio is unique, and companies must develop a patent strategy that aligns with their business goals and objectives. Patent portfolio strategies involve identifying which inventions to patent, whether to license or sell patents, and how to manage patent disputes effectively. Developing a robust patent portfolio strategy requires expertise in intellectual property law, as well as an in-depth understanding of the company’s industry and the competitive landscape.
CONCLUSION
Patent management is a demanding and complex process that requires ongoing attention and resources. Patent management involves monitoring the marketplace for potential infringers, responding to infringement claims, managing patent portfolios, and enforcing patents through litigation if necessary. A total of 31,261 patents have been issued by the Indian Patent Office in 2022 as opposed to 30,431 patents issued in 2021. Likewise, over 72,029 patent applications were published in 2022 as opposed to 52,379 patent publications in 2021. Companies must invest in robust patent management strategies that will ensure that their intellectual property rights are protected, and their patents provide them with a competitive advantage in the marketplace.
