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All about Patent Management

Info_lover | May 16, 2010 |

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Patent management is entirely about the process of obtaining and maintaining patents. The entire process can involve a wide array of technical, legal and business skills. Some amount of technical knowledge is often required when it comes to identifying, developing and assessing the technology involved in a specific patent. While legal expertise is often beneficial, it is not necessary for completing a patent application and maintaining it. Although most inventors tend to hire professional lawyers to help out in the patent asset management process, it is possible for the individual investor to do the work himself. That said, doing the work alone is probably not a very good idea if the invention is highly complex and the potential profitability is very high.

The United States Patents and Trademarks Office (USPTO.gov) typically receives over 300,000 patent applications each year and has granted over 100,000 patents annually since 1994. Since then, patent application rates have increased significantly. While there are some individuals who apply for patents on their own, most patents tend to come from within academic institutions or companies. How patents are managed will vary widely but some generalities can be identified based on the setting in which the utility (i.e., invention), design, or plant arose.

With academic institutions, the patent management process usually involves a patent management organization performing an initial analysis of the relative importance of the subject matter and whether commercialization is deemed to be feasible. To carry out these determinations, ad hoc committees are usually formed and if approved, advisors will assist in completing the patent application.

Private companies also follow a somewhat similar process with regards to a patent management system, but with some notable exceptions. Large corporations such as IBM have divisions, in-house counsel and other necessary experts to fully initiate and continue the patent management process. Some companies may choose not to share profits with the inventor, especially if the discovery is deemed to have been fully in the scope of what the inventor was hired to do in the first place.

As for smaller companies, they are more likely to engage patent management firms or use patent management software. If there are minimal resources to do the work necessary in obtaining and maintaining a patent and there are some inventions that can receive patents, then an emphasis may be replaced on determining priorities in patent management.

Regardless of the setting in which the patent's subject matter was developed, a patent management firm may be engaged to provide patent analysis and commercialization help. Any signed contractual agreements with such firms tend to place responsibility for obtaining, maintaining and maximizing the patent on these firms. The inventor or company typically does not bear any expenses and will share profits with the firm in return. Generally, such patent management firms tend to serve as middlemen operating between the patent applicant and the USPTO department.

All in all, patent management is fast becoming increasingly important as the complexities involved in managing patents increase over time due to technological advancement.