Patent Portfolio Management
IP/ Patent Portfolio Management forms a critical process and relies on dynamic portfolio development, mapping, and review process. Fundamental to IP/ Patent Portfolio Management is 'knowledge'. Knowledge of both internal factors such as technical area(s) covered, business implications, product development and/or R&D pipeline, patent family, etc., and external factors such as current status, competitive and market scenarios, etc. Akin to a manicured garden, effective IP/ Patent Portfolio Management requires allowing certain areas to grow naturally while certain other areas require well-defined pruning. Effective analysis and management of an organization’s IP/ Patent Portfolio can therefore unlock business opportunities as well as reduce cost burden, and therefore attempts to strike a balance between risks and rewards.
Developing a successful Patent Portfolio
The development of a patent is a long and costly process. After the development of the Patent, various administrative transactions are required in maintaining the patent. These additional works include submitting the proper documents from time to time and payment of fees etc. Missing any of these deadlines will be costly for the applicant. Undoubtedly, these administrative responsibilities are seen as a burden on the patentee, since the patentee focuses on various research works and not on the administrative chores. The patent portfolio management does require developing strategies to make a critical and useful decision on how to use the IP asset at its best. These strategies can help with various other aspects such as obtaining patent protection for newer inventions or could delve into various aspects such as acquiring the invention through acquisition and licensing. This effective management has the potential to unlock various new potential for the patentee.
The best option available with the patentee is to hire an attorney or simply outsource this work so that the patentee can concentrate on the primary work. The attorney will work with the client and can advise on strategies based upon client demand and business plan. Through portfolio management, the patentee can be assured that no such procedural errors will be expected and maximum benefit that can be aroused from strategizing patents in terms of the business plans.
Key areas for Patent Portfolio
Some of the key areas on which our team at GPF will be expected to cater to the need of the clients will be:
- Advising clients on evolving patent
- Advising clients on licensing and acquiring the patents
- Refraining from obsolete patents
- Aligning the business strategy with IP strategy
- Analyzing the market and advising which patent can be competitive
- Extracting maximum from the granted patents
- Enforcing patent and litigation approach
- Maintaining the deadline and saving from procedural errors.
What we can do for you?
Undoubtedly, strategic patent filing always gives the client an upper hand over others in this competitive market. The experienced professionals at GPF help organizations assesses and identify the strength and weaknesses of their portfolio. GPF deeply acknowledges the significance of a strong IP/ Patent Portfolio on Corporate valuation and growth and thereby using its best expertise and talent to ensure the creation, protection, and management of the IP/ Patent Portfolio. Our IP/ Patent Portfolio Management is a comprehensive service that includes the constant monitoring of an organization’s Intellectual Property assets by our experts and professionals who are highly experienced in all fields of IP across all stages.
We, at GPF, can manage Portfolio running into thousands of patents, docket the cases for necessary timely action, and can remind for deadlines through our state-of-the-art tools. We can also help in identifying ideas/ innovations for suitable protection, regular audit, and valuation as well as monetization and other revenue-generating activities.