As companies look to manage their bottom-line spending, many are looking at the patent prosecution process as an obvious way of cutting costs. From simply abandoning the process altogether, to putting a cap on the amount of money that lawyers can spend on applications, keeping costs down has become a number-one priority for many organisations.
But for those who are trying to save money in the short-term, they should be wary of the fact that their actions could affect their chances of launching competitive patent applications in the future. Not only is it likely that the quality of their patents will decrease, but the process will also become more arduous and expensive the longer it continues. This all points to the fact that short-term cutbacks can increase long-term costs.
It’s because of this that it’s become important for companies to go back to the basics - taking time and spending money on applications that are error-free and easily understandable for the patent examiner, so that there are no mistakes holding the process up.
When a patent application is thorough it is undeniably positive for organisations as it allows their ideas to be used in a way that protects their interests, but when a company is faced with a number of failed applications, it can look like a disposable function.
That’s why it has never been more important for companies to put time and effort into the patent application procedure, as it’s only then that organisations will feel that their money is being well spent.
Although still an issue that’s up for debate in terms of its effect on innovation, there are a number of studies that demonstrate that the patent system is strongly correlated with economic benefits. It’s due to this that it’s now imperative that companies integrate a more stringent process which guarantees that they aren’t wasting money on patents that are never going to make the grade.