Ways to reduce the cost of obtaining new Patents.

Ways to reduce the cost of obtaining new Patents

In the modern world, intellectual property is frequently viewed as a major annual expense that may be out of the price range hence reducing the cost of obtaining a new patent can be a major prerequisite for most of the inventors and for start-up business. The management should have a full-fledged IP strategy that requires a significant and thought-through plan, as well as a suitable investment and embrace ways in which they can optimize the costs of protecting these assets. In addition to the expensive fees charged by an experienced patent attorney, the formal expenses connected with filing a patent frequently burn a hole in an inventor’s wallet. Starting in 2023, the USPTO has reduced various fees associated with filing a PCT application in the U.S. receiving office. In fact, filing fees were reduced by about 6.4%.

A few possible ways of reducing cost involved in getting a patent granted:

Reducing patent cost

1. Prior Art Search:

Prior art is any evidence that your invention is already known. Conducting a prior art search will definitely help in identifying the existing inventions similar to what one has planned to file helping in saving the time and cost in investing on their research. The purpose of a prior art search is to unearth all of the pre-disclosed information for the purpose of demonstrating patentability. A patent application will be compared to the prior art to determine whether it actually describes a new invention, and whether or not a patent should be granted.

2. Quality Patent Drawings:

Quality patent drawings hold significant importance in the patent application process. Patent drawings provide a visual language that complements the written description of the invention. Precise and detailed explanations assist in avoiding any misinterpretations or ambiguities that may arise from textual descriptions alone. Compliance with the Patent Office Requirements is essential to ensure that the patent application is accepted worldwide.

3. Filing a provisional application (only for US):

Filing a provisional specification provides the advantage to the inventor since it helps in establishing a priority date of the invention. A provisional patent application has a pendency lasting 12 months from the date the provisional 9application is filed.

Although the filing fee of a provisional patent application is less than for a non-provisional patent application so it is critically important that inventors understand the need of filing it. If the non-provisional application gets rejected by an examiner due to any reason – invention not complete, no novelty or non-obviousness, prior art exists, etc. – the cost could be huge. So, it’s better to file provisional application first and firm up the invention in another 12 months before going for the non-provisional application.

4. Partnering:

Partnering is particularly effective in markets where your own presence is small but where your idea may be commercially viable; it is also more appropriate in nations with established IP systems where business potential may be considerable but patenting expenses are high. When you do need assistance, think about hiring patent agents or attorneys who provide reasonable prices or convenient payment plans.

5. Online Filing System supporting Go-Green:

Online filing gives users the flexibility to file patent application at their convenience. Online patent registration includes easier documentation as many forms are not required to be submitted in hardcopies, which saves a lot of effort to the users. Filing online facilitates user friendly and transparent system which covers comprehensive patent filing online system, wherein, in addition to the online patent registration of new applications, subsequent online filing formalities can also be completed.

6. Time tracking:

Time of disposition is the time taken from filing an application till the disposition either through grants, expiration or abandonment. There will be an annual fee associated with pending applications and also with granted patents. Many patent offices have other ancillary fees, such as for late filings, exceeding page count limits, time extensions, corrections of errors etc. For a sizable portfolio, these fees in the aggregate can take a toll on the annual budget.

7. Fees vary in relation to the number of claims:

An ‘independent claim’ defines the unique features and novelty of the disclosed invention and can form the basis for one or more ‘dependent claims’, which pertain to a particular embodiment of the invention and further refine an independent claim. The number of claims in an application will affect the fees payable when filing a patent application, requesting its examination and maintaining its validity.

8. Streamlining Patent Portfolio:

Patent portfolio can determine strengths, weakness, risks and market opportunities for a company and its future outlook. Maintaining a lean and clear portfolio can save renewal fees and maintenance costs. The main focus of patent portfolio analysis is to identify gaps or whitespace, any potential infringements and portfolio optimization.

How can MCRPL help?

We at MCRPL help in conducting portfolio analysis, drafting, competitive landscape studies on various topics including trending topics such as sweeteners and sustainability. We are a team of 200+ patent and scientific literature experts, have performed technology intelligence/scouting projects or more than 10,000 hours providing various actionable intelligence to our existing Fortune 500 clients. We have analysed more than 20+ million patents and 15+ million scientific literature indexed, serving 1450+ clients with 92% repeat business. MCRPL – a name known for its quality and trust among the intellectual property fraternity since 2000.

Also, you can place an order for your search on our online portal: https://ipsolutionshub.com/

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