Upgrade Your Patenting Process

OVERVIEW:A benchmarking study involving 21 companies in chemicals- and high-tech-related industries reveals that much greater attention is now being paid to intellectual property assets. Teeth have been given to the U.S. patent process, and this has led to more consistent handling of patents and more severe punishment for infringement. Consequently, companies are now including intellectual property issues into their strategy, even as part of their stage-gate product development processes. Patent intermediaries, who patrol the interface between the triangle of researchers, business and attorneys, are important contributors to the overall process. Using outside counsel for patent preparation is common but diminishing. A favored practice is to hire back retired former employees to help in busy times. As patenting becomes more widely accepted as a process, it is more effective when patent attorneys charge back for their time and track where their time is spent. This leads to better management of the process. It also meets the requirement that businesses pay only for services they use.