Patent Renewal Analysis
Lifeline of a granted patent is regular maintenance and renewal of the application in a timely manner. Missing the maintenance timeline means abandoning the Patent before its original expiry and hence the applicant losses the patent exclusivity.
Patents are critical assets that allows organizations to sustain value and protect their business in a competitive environment. In order to maintain the legal entitlement, companies must pay periodic patent maintenance fees in each country where its patented.
For companies with substantial patent portfolio, the cost of maintaining their portfolio can run into millions of dollars. Deciding on what patents to keep and which ones to lapse have strategic implications. However, one can only imagine the cost of abandoning a strategic high-value patent which protects their key product and/ or has tremendous monetary potential.
InnoRes manages the renewals in a timely manner through its in-house state of art procedure and technical platform. InnoRes can assist your in-house legal team take patent maintenance and renewal decisions using an extensive approach to analyzing patents. We follow a layered approach considering multiple parameters and conduct a comprehensive analysis of the portfolio to optimize patent renewals.
Our team of subject matter experts will review the abstract, specifications and key claims of each patent across multiple parameters – life of patent (renewals due), nature of patent (how core is it to the business), strength of patent and future potential of each patent (technology density, activity, monetary potential of the patent. Based on the review, we will score each patent and provide a recommendation on whether or not to renew a patent.
InnoRes will provide a comprehensive report that includes recommendations for maintenance decisions for each patent on a three point scale 'highly recommended for renewal', 'recommended for renewal' and 'not recommended for renewal'.