What is Patent Monitoring?
Patent Monitoring is a method of patent searching that is intended to provide a clear picture of progress in a specific technical field. It basically produces a thorough, broad view of everything that has been published during a predefined timeframe through patent and technology analysis.
It enables you to keep track of R&D being carried out in a specific technical domain and the kinds of patent applications being filed by any assignees or significant companies operating in that technical domain. Unlike other types of patent searching, that search is carried out on a regular basis to find out about any major innovations concerning patent applications or granted patents in a particular technology or for a specific assignee.
Types of Patent Monitoring:
- Competitor Monitoring
Companies can closely track competitors and monitor all their patent activities. Any newly published rights, collaborations, etc. fall under the scope of competitor monitoring.
- Technology Monitoring
This gives you a clear picture of the evolving patent landscape in a particular technical field. It enables you to determine their market position and forecast market trends.
- Legal Status Monitoring
With Legal Status Monitoring, companies receive timely updates on specific or general patent filings in their area of expertise. In addition, any potential changes in the law or other developments are monitored and reported.
How does Patent Monitoring help?
Patent Monitoring helps identify the following:
Observe Patent Filings in Related Areas
Perhaps the simplest means to keep track of a competitor’s patent landscape is to monitor their patent filing applications. Companies can obtain important information about the strategies used by competitors as well as the most recent technological advancements in the industry by keeping a watch on the patents filed in related fields.
Tracking New Entrants
Existing firms are constantly threatened by the emergence of new ones. In this situation, it is best to remain alert, aware of competitors looking to enter the market, and educated about how to follow competitors. This aids businesses in maintaining better defenses against future threats.
Competitors’ Geographical Assessment
For a comprehensive overview, it is imperative that the jurisdictional, as well as geographical outreach of other businesses, be analyzed. Patent monitoring that is restricted to a particular market is insufficient in a world where technology transcends international boundaries. This exercise helps organizations seek better patent protection coverage in international markets.
Recognizing Whitespaces in Patent Landscape
No matter how crowded the landscape is, there is always a chance to discover gaps or white spaces for new innovations. These “whitespaces” can be effectively used to establish exclusivity and stimulate innovative ideas that will benefit the business. By keeping an eye on the patents of the rivals, Patent Monitoring can aid in identifying these gaps. Once white gaps are identified, these specific areas of interest may be protected by intellectual property rights.
The ability to commercialize technology and market-related products depends on a business’s freedom to operate (FTO). Businesses can assess current patents with the aid of patent monitoring in order to avoid any legal action for patent violation. Being informed on all the most recent and ongoing patent activities is the only way to operate successfully without committing any patent infringements in marketplaces characterized by constant technological advancements.
Speculate Market Trends and Predict Product Launches
Patent Monitoring data can provide important insights into market and competitor behavior. Both predicting new product launches and other companies’ IP strategies can be done successfully with the help of these insights. A company’s policies and R&D objectives may be influenced by having access to such important information.
Discover New Technology Investment Areas
Companies can direct their investment into these profitable sectors once the white spaces have been identified. A simple way to identify these gaps and open attractive investment opportunities for businesses is through rigorous patent monitoring.
- Pursuing Patent Annuities
Under Patent Monitoring, both the granting of patents and their maintenance through the payment of yearly annuities are sought. The IP protection granted by a patent is lost when a company fails to pay the patent annuity. A firm may decide not to renew protection for a variety of reasons. However, a similar situation can be advantageous for competitors attempting to bypass the patented technology.