The patent ranking helps to evaluate and analyze the strength of a patent on the basis of various parameters such as
- Bibliographic parameters (Assignee, forward citation, broadness of the claims, family size, etc.)
- Technical parameters (technology, material, method of production, etc.)
- Legal parameters (litigations, opposition, etc.)
- Commercial parameters (patent monetization, portfolio licensing, etc.)
MCRPL does a very detailed and thorough patent ranking using Human plus Machine intervention. While the human component is the strong workforce that the team has, the machine component comprises of our proprietary internal tool, MCRANK. This tool has the following advantages:
- Quick analysis of huge number of patents ranging into thousands and millions
- Gives a rank to list of patents within minutes of starting the ranking algorithm
- ~90% relevancy in the top 100 patents, as compared to manual analysis
- Reduce the time of analysis by a staggering 60%
Need for Patent Ranking
During the initial phase of the patent study, we get thousands of results to screen to meet customer’s objective. We should identify the top patents which fit to client’s requirements and at the same time remove the noise patents.
Obviously, doing a manual analysis for these thousands of patents would require manpower, time as well as will attract huge money for the customer. Since, ~50% of the patents obtained through highly accurate search strategies from various patent databases are mostly noise – spending that huge amount of time and money on such noise cases is completely futile.
This is where, a hybrid approach of Human plus Machine gives a unique advantage to the customers where the cost for the study comes down drastically without significantly cutting down on the quality or accuracy of the results.
Patent Ranking helps the customers in taking informed decisions much quickly and based on these decisions, the customers can plan their future R&D pipeline quite effectively and efficiently.
MCPRL’s Solution – MCRANK
In order to identify the good results in quick turnaround time and eliminate 95% of noise patents which are away from client’s requirement, we built a patent ranking tool – MCRANK.
The Ranking tool automatically sorts the patents based on the relevancy to the target technology. The weighing factors can be technology (according to customer’s requirement), bibliography information, legal information, commercial information, etc.