Securing intellectual property protections in foreign markets is becoming increasingly important - and lucrative - in this globalized economy. But to ensure companies and sole inventors are going about the process in the most cost-efficient manner possible, a strong understanding of the filing framework is essential.
Although international patent applications are being filed with greater frequency, the perceived expense may still be keeping smaller players from entering the arena. According to IP Watchdog, there are a few informed shortcuts applicants can take to gain the protection they seek without spending money they don't have.
For example, with translations services accounting for an estimated 50 percent of all international patent management fees, simply filing an English-only application could be an intelligent middle road. Applicants can also focus their filings in a regional bloc where one language tends to transcend borders.
Keeping an eye on emerging incentivization programs may also help inventors strike while the iron is hot and secure a more advantageous fee structure. Earlier this month, for instance, the World Intellectual Property Organization announced it would be partnering with European regulators in an effort to revitalize the operational framework of the Patent Cooperation Treaty.
Regardless of which strategies are ultimately chosen, IP Watchdog insists that having all documents reviewed by a native attorney is essential for filing international patent applications of uncompromising quality.