Significance of Patent Monitoring to Track Competitors and Their Patent Filing
In today’s tech-centric market, Intellectual Property is the foundation on which rests the success of businesses. Companies invest heavily in their R&D to foster inimitable inventions, unique designs, and processes that will lead to revenue generation through product innovations. IP Rights protection therefore is a major concern for companies in order to safeguard their inventions.
But patent protection is not the only aspect that guarantees the survival of a company. It is also crucial to keep regular track of the Intellectual Property status of competitors. A robust IP strategy focuses on how to monitor competitor’s activities in the IP domain. Below we discuss how Patent Monitoring can be a potent tool in a company’s quest to observe the competition.
Table of Contents
What is Patent Monitoring?
Patent Monitoring forms an essential part of the process of Intellectual Property Management. With an increasing number of organisations clamouring to file patents at unprecedented rates, it is becoming important to track competitor’s patent filing. Patent Monitoring thus becomes indispensable for organisations to stay abreast of any threatening activities in the patent landscape that may prove risky to the business.
Patent Monitoring involves significant funds in order to access the right databases. While it does form a vital facet for an organisation, small and medium businesses need to evaluate the cost-benefit analysis of performing this investment-heavy activity.
Aspects of Patent Monitoring
Patent Monitoring involves 3 key areas, namely:
With Legal Status Monitoring companies receive timely updates on specific/general patent filings in their area of expertise. Any changes in legal status or other developments that may occur are also recorded and reported.
This allows companies to track competitors and monitor all their patent activities closely. Any newly published rights, collaborations of companies, knowledge of their IP assets etc. falls under the purview of applicant monitoring.
The IPC/CPC classification systems are employed to gain an overview of the evolving patent landscape. With Technological Monitoring businesses can assess their position in the market as well as predict market trends.
How Patent Monitoring Helps Businesses
The practice of Patent Monitoring helps identify the following: .
Perhaps the simplest means to keep a track of the competitor’s patent landscape is to monitor their patent filing applications. By keeping an eye on the patents filed in related domains, companies can gather valuable insights on competitor activities as well as gain knowledge into the latest innovations in the market.
The entry of new businesses always poses a threat to the existing ones. In this scenario, it is best to stay alert and informed of competitor’s seeking to set foot in the market and know how to track competitors. This helps companies stay better prepared with strategies to counter any potential threats.
For a comprehensive over-view, it is imperative that the jurisdictional as well as geographical outreach of other business be studied. In a world where technology transcends border barriers, patent monitoring that limits itself to a single market is incomplete. This exercise helps organisations seek better patent protection coverage in international markets.
No matter how crowded the landscape, there is always a chance to discover gaps or white spaces for new innovations. These white spaces can be successfully leveraged to gain exclusivity and drive new inventions that will be profitable to the company. Patent Monitoring can help identify these gaps by keeping an eye on the competitor’s patents. Once white gaps are found, these special areas of interest may be protected by IP Rights.
The ability to commercialise a technology and market related products is dependent on a businesses’ Freedom-to-Operate. Patent Monitoring can help businesses assess existing patents so that any infringement lawsuits may be averted. In markets marked by continuous technological innovations, being aware of all the latest and ongoing patent activities is the sole means to function successfully without any infringements.
The data gathered through Patent Monitoring can offer key insights into market as well as competition behaviour. These insights can successfully be employed to predict the IP strategies of other businesses as well as forecast new product launches. Access to such crucial information may be used to shape a company’s policies and R&D goals.
Once white spaces have been determined, companies can channel their investment into these lucrative areas. Rigorous Patent Monitoring is a simple means to point these gaps and create profitable avenues of investment for companies.
Both filing of patents and their maintenance in terms of payment of annual annuities is pursued under Patent Monitoring. When a company does not pay the patent annuities the IP protection allotted to the patent is withdrawn. The decision for a company to not renew protection may depend on various factors. Such an event however may be beneficial for competitor’s looking to work around the patented technology.
Patent Monitoring is a key activity that offers unique advantages to a business. The level of patent activity in a market as well as resources at a company’s disposal determine whether monitoring is conducted monthly, yearly or periodically. Patent Monitoring equips businesses with critical intelligence that can help them devise better strategies and seize opportunities.
TT Consultants offers businesses in-depth Patent Monitoring services that are tailored to a companies’ specific requirements. Whether it is competition tracking, monitoring specific inventors or a combination of areas, we use the most potent tools to achieve results that offer valuable insights. Our plans are designed to fit the needs of small/medium/large enterprises looking to gain an edge in the market with our thoroughly researched reports.
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