Companies acquire patents for various reasons. These may include building a defensive portfolio, entering a new market, developing a licensing program, avoiding litigation, etc. Whatever the reason, the process of buying a patent is expensive and requires significant investment. For this reason, it is best to practice caution when venturing into patent acquisition. Below we discuss a few pointers that can guide you in performing due diligence when purchasing a patent.
Thorough research is the first step in acquiring a patent. Make the research as detailed as possible to avert any future difficulties.
A particular technology may seem lucrative at present but may not be fruitful in the near future. Before buying a patent analyze the future of the market. Identify any alternatives that may replace the tech and make it obsolete. Run a risk assessment by investigating the domain the technology is in and how long it is likely to survive.
Even the best of patents can be challenged in Court upon presenting a strong prior art. To avoid being drawn into expensive litigation later, it is best to invest in a good prior art search. While these searches can be costly and time-consuming, it is nothing compared to the exorbitant costs of litigation later. Remember, a valid prior art can cause your patent to be declared invalid.
Patents that overlap a major product in the market need to be scrutinized for how good the overlap is. In order to do so, each claim needs to be individually verified for choice of words and language. There are ample precedents in infringement cases where some basic words in the Claim have turned the tide
Be aware of the geographical area covered by the patent before purchasing. This is extremely useful especially when companies are looking to expand into newer markets. It also comes in handy when dealing with infringement cases as the laws vary in different jurisdictions. Having a patent family with members in different jurisdictions is a favorable sign.
Before buying any patent ensure that it is aligned with your business’s goals and objectives. Analyze the worth of the patent based on its value to your strategy. If the goal is to build a defensive portfolio, then emphasize the strength of the patent. for product development purposes look at the usability of the patent to the product line. Consulting the R&D department is crucial so that you don’t end up buying a patent that will not be useful for the product line. By keeping these simple points in mind, you can reap the maximum benefits from buying a patent
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