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Should you Spend on Patent Monitoring
Businesses protect their intangible assets using Intellectual Property Rights such as trademarks, patents etc. While IP Rights do grant a competitive edge to businesses, they are not sufficient to stay on top in the long run. Continuous innovation as well as tracking the rivals’ IP initiatives are key to retaining the top position. In this regard, patent monitoring is an important tool that can prove extremely useful and beneficial. Let us understand the meaning, scope, advantages, and drawbacks of patent monitoring in the following paragraphs.
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What is Patent Monitoring?
Also known as patent surveillance and patent watch, patent monitoring helps you stay updated on granted patents as well as new patent applications. It allows a comprehensive view of the patent landscape in the continually evolving field of technology. It is a customised tool employed by companies to keep an eye out for new inventions, literature, product launches, etc., that may be of importance to their business or IP strategies.
As patents continue to be filed at an alarming rate, it is imperative to stay abreast of the new developments in the field of IP. This information can be particularly useful for engineers, researchers, and other members of the R&D community as it fosters creativity and innovation.
Types of Patent Monitoring
Based on the content being tracked, patent monitoring is of 4 types:
Useful for up-to-date information on the new emerging technologies with a focus on the domains of importance to the company. It can also be helpful in singling out patent infringers.
Also referred to as procedural monitoring, legal monitoring is an excellent way to be aware of patent applications filed in the field of interest. Any changes in patent laws or filing processes are also reported through legal monitoring.
As the name suggests, competition monitoring is carried out to keep a tab on the IP activities of competitors. Opportunities for licensing or cross-licensing can also be identified through this type of monitoring.
Useful or new product launches or introduction to new markets, market monitoring proves useful in strategizing effectively to optimise patent value.
Companies may opt for a single type of monitoring or a mix of the above, depending on their goals and objectives. The monitoring process may be carried out weekly, bi-weekly, quarterly, half-yearly or yearly, depending on the company’s requirements.
Patent Monitoring Process
Patent monitoring can be carried out by outsourcing the process to external agencies, employing software for the same, or manually conducting it. Each process has its own pros and cons. Performing the patent monitoring process on your own is the most economical of the three, but is extremely time-consuming. Also, due to a lack of technical and professional help, it may not be fruitful in achieving its intended purpose effectively.
Hiring a professional firm to carry out patent monitoring can be expensive but ensures that the results are optimum and error-free. Patent monitoring firms also offer services like detailed and comprehensive reports which serve as important reference documents about the company’s performance and may be for various purposes.
Automating patent monitoring helps you receive constant updates and also quickens the entire process. It offers unmatched customisation and convenience to track the process at your own pace.
Benefits of Patent Monitoring
Using patent monitoring businesses can grasp the market strategy of their competitors. Being able to speculate on the rival’s strategies helps in designing better policies and restructuring to face any challenges. It also helps in the assessment of their success and failures and tweaking one’s own strategies accordingly.
Detecting infringement becomes easier with patent monitoring. Not only are you able to know if someone is infringing on your patent, but you can also find out if the technology being invented by you is infringing on any existing patent. This knowledge helps you save precious time and money.
Patent monitoring helps you identify new investment opportunities in markets that have not yet been tapped or have fewer competitors. Besides new opportunities, it also opens the door to moving into an existing space by reporting any abandoned patent applications by competitors.
Discovering sectors where there are more opportunities become possible with patent monitoring. It helps you move from sectors saturated with patents to relatively new domains that hold promise for the future.
Disadvantages of Patent Monitoring
The costs involved in patent monitoring can prove a deterrent to some businesses. The total costs, which include monitoring and alerts, could go up to € 2,000 per year. This is an average figure and the actual costs may be less or more depending on the scope of services required. However, when weighed against the enormous financial expenses that can incur due to lack of awareness or faulty strategies this is a small price to pay.
Why Hire a Patent Monitoring Firm?
Time and money are both important resources for any business. Being up-to-date with the developments in the USPTO as well as tracking competitors is an essential task for companies. This commitment is very time-consuming and can divert you from other crucial activities required for business growth. This is where patent monitoring firms can step in to assist you in making the best use of your time, efforts, and finances. These firms can guarantee on-time delivery and good value for your money.
When it comes to strategizing, knowledge is power. In this regard, patent monitoring offers unparalleled benefits by providing a constant source of information at every stage. This data can assist companies respond to market changes and challenges swiftly and efficiently. Critical decisions made without awareness of the market scenario can backfire and be detrimental to the company’s image and finances. Therefore, hiring a reliable patent firm for active patent monitoring can prove a true asset for any business.
We’ve constantly identified the value of new technology carried out by our pretty skilled executive crew with backgrounds as our professionals. Like the IP professionals we empower, our starvation for development is never-ending. We IMPROVISE, ADAPT, and IMPLEMENT in a strategic manner.
TT Consultants offers a range of efficient, high-quality solutions for your intellectual property management ranging from
- Patentability Search
- Invalidation Search
- FTO (Freedom to Operate)
- Patent Portfolio Optimization
- Patent Monitoring
- Patent Infringement Search
- Patent Drafting & Illustrations
and much more. We provide both law firms and corporations in many industries with turnkey solutions.Contact Us