Bringing Patents to Market
After completing the patent registration process, inventors focus on patent monetization to bring inventions to market. One of the most common ways to generate money from patents includes patent licensing and patent assignment. Patent attorneys work with clients worldwide to prepare patent licensing search reports after conducting thorough legal and business research. The primary difference between patent licensing and patent assignment is that patent licensing includes the partial transfer of patent rights, whereas patent assignment includes complete transfer of ownership of patent rights from one party to another.
Making Money from Patents
Patents are a key for earning big. This is easier said than done. There are a lot of ways to commercialise a patent. The most logical way of earning profits out of the patent is to make it in a way that it is of use to the common public. An Invention is of value because it can be brought to the use of the public and help them technologically upgrade. Only creating an invention and patenting it will not help earn financial gains from it. Once the invention is converted into a product, the patent owner can maximise its profits. However, to convert the invention into goods a lot of product planning and business planning is required.
Patent Licensing
Patent licensing is another most commonly used method of commercializing Patents. It is important to understand that getting a patent alone cannot help gain financial gains rather letting it out in the public with the help of licensing agreement definitely can. An agreement should be made and signed between the licensor and the licensee. In such kind of agreements licensor remains the owner of the Patent yet gives certain rights to the licensee for a period of time on pre-decided terms and conditions. It is on the mutual consent of the parties that this agreement is made and the licensor may grant exclusive or non-exclusive rights to the licensee in consideration of royalty, or manufacturing and selling of the product. It depends on the terms and conditions of the agreement if the royalty rate is fixed or variable.
Selling a Patent
An old non-functional Patent can be sold to the investor for gaining financial benefits out of it. One can even sell the fully functional patents if he feels like but this is often the least preferred form of commercialization. The transaction of selling a patent falls under the scope of patent assignment, which can further include technology transfer between the patent seller and the patent buyer.
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1. Patent Drafting and Prosecution Process – Patent Attorney Insights
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.
Law office of Rahul Dev is a niche technology and research based law firm focusing on next generation business and legal issues faced in India and outside India during international business and cross-border technology transactions. We assist our clients in close collaboration with our associates and counsels within India and outside by providing custom engagement models to address our client’s needs.
Practice areas include drafting and filing patent applications, patent prior art searches, patent prosecution, patent filing in India, PCT national phase entry in India, PCT international applications with WIPO, freedom to operate searches, patentability analysis and patent strategy to create a valuable patent portfolio.
Patent attorney Rahul Dev works with clients providing expert legal services in the field of innovative pharmaceutical products, branded drugs, generic drugs, molecular biology, immunology, cell biology, regenerative medicine including ESCs, iPSCs, pSCs, diagnostics, therapeutics, theranostics, drug delivery systems, host-vector systems, high throughput screening, bioinformatics, diagnostic imaging, ancillary services (PET, CT, MRI, ultrasound, greenlight, lithotripsy, radiation therapy, cyber-knife, nuclear camera, clinical lab, pathology, physical therapy and dispensing prescriptions).
Patent attorney and technology lawyer Rahul Dev works closely with USPTO licensed patent attorneys to assist clients with patent reexaminations, patent prosecution, drafting USPTO office action responses, patent infringement litigation, patent claim mapping and patent licensing. For international patent filings, we have an established network of global patent attorneys to provide reliable and cost effective services to our clients.
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