For any company, whether it’s a mid size or a small organization, time is the most valuable thing. This is the reason we are observing that maximum small or mid size businesses make decisions about foreign patent filing at the eleventh hour. There are many such ways, from regional blocs to repetitive text analysis, in which a business can consume your money so, when we talk about patent filing and translation, below are some cost-cutting procedures:
Set up the Patent Filing Strategy before Time: Authenticate the patent filing strategy before time and the filing deadline will guarantee that any patents that you choose to file will be directly aligned to the broader targets of your business.
Preparing a core strategy will make it much easier for you to decide where to file and which patents are at the cost of up-front investment of filing. It also prohibits the extra costs and additional amount that is spent when patent translation and filing take place at the last hour.
Regional Blocs – How many Countries can avail more than one translation cover: After taking a lead from comprehensive IP strategy, the next step is to explain exactly which countries you will need to register your patent in. Many of these countries will have a shared language that will immediately reduce the cost of patent translation. For example, the filing of patent done in the Middle East is cheap since one Arabic translation can be filed in Egypt, Jordan, etc.
Just file the patents in the countries where ROI justifies Up-Front Costs: As anticipated, filing in more countries will add the general filing costs. Patents that are filed in extensive manner can be charged half a million dollars or more over the period of 20 years lifetime in its fees, attorney pricing, annuities and also the patent translations. Again, it is necessary to file the patent only in those countries where considerable ROI is expected and perhaps more focus should be given on the countries where filing cost is nominal.
Conversion of existing translation and Reuse the Boilerplate Language: If patent is filed in China, then it makes a sense to have the whole specification translated into traditional Chinese language for filing the same in Taiwan and then translated into simple Chinese language in Mainland China. The translation into European Spanish can similarly be translated into Latin American Spanish for registering the patent in Mexico and other Latin American Countries.
Lessen the price of Managing Patent Portfolio: Maintaining the larger portfolio of patents in any large business can arouse significant costs which can affect the cash flow in any organization. In many cases, big businesses have plentiful patents of limited or nonexistent business value. It makes sense to plan the process of auditing your patent portfolio to assure that it gets coordinated with your business goals, and to sell, license or abandon the previous patents that don’t provide relevant value.