Innovators and patent owners should think strategically about how to maximize the patent budget, while intelligently and efficiently protecting and defending innovation. Companies also need to understand the resources available to monitor the intellectual property of competitors and potential acquisitions.
As mentioned in earlier articles on information disclosure systems and subject matter conflicts of interest, an intellectual property committee is key to thinking strategically, moving quickly and minimizing costs when reviewing company intellectual property (IP).
5. Develop an intelligent foreign filing strategy: The Patent Cooperation Treaty process and foreign filing of applications have changed considerably over the last five years. It may be desirable to file in every major country, but can your company defend and enforce those patents? Also, consider the average cost of patent protection in each country is roughly $10,000 per patent application per country. In Europe, the costs increase to $15,000 to $20,000 per application.