Patent monitoring is an important task in the field of intellectual property rights. It is a process that enables you to monitor the patent status of your invention or innovation. Patent monitoring helps you know whether there are any patents filed for your product or not. The main advantage of patent monitoring is that it will help you find the best way to protect your invention before someone else does it first.
In this article, we will discuss the advantages of patent monitoring, patent monitoring tool, patent monitoring systems, types of patent monitoring that should be monitored, and how they can be used effectively for protection against infringers or competitors, etc.
Patent monitoring system
A patent monitoring system is software that helps you to track your competitors. It will help you find out the patent related to your product so that you can avoid any infringement and save yourself from legal issues later on.
Patent monitoring is a very important task in the field of intellectual property rights. It helps you keep track of your competitors, stay up-to-date with the latest developments in the field, protect your intellectual property, and stay competitive.
Patent monitoring allows you to see what other companies are doing or plan on doing with their patents so that you can be one step ahead of them. This will allow you to stay on top of things before they happen rather than being surprised by them after they have already been done by someone else!
Patent monitoring tools
Patent monitoring tools are available for free and can be accessed on the cloud. They can also be accessed from any device, including mobile phones and tablets.
Advantages of patent monitoring
Patent monitoring is an important part of your patent strategy. It can help you identify the patents that are relevant to your products, find out who owns those patents and whether or not they might be interested in licensing them, and also spot potential infringement by competitors. Below are 5 advantages of patent monitoring:
Awareness of market requirements
Patent monitoring is performed to understand the marketing strategies of the leading companies in a specific technical area. Once you are aware of their know-how or the area where these companies are lagging, you can compare and analyze your strategy as per the market and grow your name by improving on those weaker areas.
Identification of infringement
Patent monitoring helps you identify whether your technology is infringing on another’s technology or not. This will save you unnecessary costs in future infringement cases. Moreover, this would help you modify your invention in a way to protect it from infringement.
Opens up new potential areas for growth
By monitoring the weaker areas of the leading companies, you can work on those weaker areas to create a name on their lagging grounds. So, patent monitoring helps to find new growth opportunities and develop new technologies that haven’t even been found yet.
Maintaining a competitive edge
Monitoring your competitor’s patent applications helps you to know the competitor’s business tactics and compare and analyze your technology. Further, you can modify your innovation according to the market need, this will provide you with a competitive business advantage.
Knowing new players in a specific technical field
Patent monitoring helps you know the new players or entrants in your area of technical expertise. This would help you know your competitors before they even become visible on the market.
Types of patent monitoring
Patent monitoring can be done in different ways. It can be done by searching the patent database or trademark database. It is also possible to search the trademark database, which is a combination of both databases. The following are 4 types of patent monitoring:
This helps monitor an assignee or applicant or competitor in your area of technical expertise. The search is performed using search parameters such as assigned name, inventor name, and the like.
Patent application monitoring
This helps monitor patent applications with subject matter related to your area of technical expertise and analyze the legal status of such applications. This is performed using search parameters such as bibliographic data including abstract, claim, relevant dates, applicant’s name, and the like.
Monitoring technological field
This helps monitor the new technologies/innovations in your area of technical expertise. This is performed using keywords or search strings in various databases.
Every patent monitoring is customizable. Various commercial databases are used to optimize the information and present it effectively.
Search reports of patent monitoring
Search Reports are based on search strategies for patent monitoring including areas of technical expertise, competitors, specific inventors, status, or progress of patent applications.
In conclusion, patent monitoring is an important part of the intellectual property rights process. It helps you to keep track of your competitors’ patents so that they don’t infringe upon yours. This allows you to stay competitive in the marketplace and make sure that your business stays protected from potential lawsuits or other legal issues related to patent infringement.
Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements.
Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.
Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.
Global Blockchain Lawyers (www.GlobalBlockchainLawyers.com) is a digital platform to discuss legal issues, latest technology and legal developments, and applicable laws in the dynamic field of Digital Currency, Blockchain, Bitcoin, Cryptocurrency and raising capital through the sale of tokens or coins (ICO or Initial Coin Offerings).
Blockchain ecosystem in India is evolving at a rapid pace and a proactive legal approach is required by blockchain lawyers in India to understand the complex nature of applicable laws and regulations.