Cost Management Strategies for Filing, Prosecution and Maintenance of Patents

Dhoble, Yogesh Nathuji

doi:10.2139/ssrn.2844093

Cited by 2 publications

(3 citation statements)

References 6 publications

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“…10 It represents a daunting task, typically requiring the engagement of patent agents or lawyers, and can cost thousands of dollars, with average attorney hourly rates ranging from US$200 to US$500. 11 As such, an initial analysis is typically carried out by the innovator, which also benefits their understanding of the intellectual property landscape within their medical device space. 4 While GPT-4 cannot replace the need for a lawyer, it can help the innovator enhance their prior arts analysis and confidently work through this stage of development before considering protection options.…”

Section: Final Concept Selectionmentioning

confidence: 99%

Towards inclusive biodesign and innovation: lowering barriers to entry in medical device development through large language model tools

Moon,

Lima,

Froula

et al. 2024

BMJ Health Care Inform

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In the following narrative review, we discuss the potential role of large language models (LLMs) in medical device innovation, specifically examples using generative pretrained transformer-4. Throughout the biodesign process, LLMs can offer prompt-driven insights, aiding problem identification, knowledge assimilation and decision-making. Intellectual property analysis, regulatory assessment and market analysis emerge as key LLM applications. Through case examples, we underscore LLMs’ transformative ability to democratise information access and expertise, facilitating inclusive innovation in medical devices as well as its effectiveness with providing real-time, individualised feedback for innovators of all experience levels. By mitigating entry barriers, LLMs accelerate transformative advancements, fostering collaboration among established and emerging stakeholders.

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Section: Final Concept Selectionmentioning

confidence: 99%

Towards inclusive biodesign and innovation: lowering barriers to entry in medical device development through large language model tools

Moon,

Lima,

Froula

et al. 2024

BMJ Health Care Inform

View full text Add to dashboard Cite

show abstract

“…Organisations, such as the WIPO, EPO or national IP offices will serve as relevant sources. It is worth noting, that different costs may apply based on the type of applicant, such as an individual (cheaper) or an entity (tentatively more expensive) (Dhoble 2016). Costs related to advising functions throughout the patent applications or for the sale of a patent or for drafting a license agreement (i.e., legal advisor) are down to the negotiation and expected workload.…”

Section: Patent Costsmentioning

confidence: 99%

“…Key further refers to the source Center for Intellectual Property & Entrepreneurship at the University of Missouri School of Law, which underlines the evidence that about 50% of patents are set to expire prematurely, mainly "because their owners decline to pay the required maintenance fees" (Key 2017). Furthermore, universities struggle with funding their patent portfolio and require a strategic approach to managing the portfolio and their cost (Dhoble 2016).…”

Section: Introduction 1intellectual Propertymentioning

confidence: 99%

Patenting - A Cost Management Perspective

Michel-Schneider¹

2022

Proceedings of the 16th Economics &Amp; Finance Conference, Prague

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Purpose: Patenting continues being a growing market, yet critics see significant inefficiencies between the cost spent on protecting inventions and their economic returns. The purpose of this paper is to examine the value of patenting from a cost management point of view and lay out in detail all costs related to it. This approach is intended to support inventors in deciding whether patenting is the right solution for them.Methodology: Utilising a quantitative approach, a comprehensive literature review and analysis of scientific research has been undertaken. Together with secondary literature, further economic resources have been reviewed, both on the topic of patenting, as well as cost management, using here specifically the approach of Life Cycle Cost (LCC). Furthermore, interviews with experts have been conducted to verify results.Findings: Sources prove that a significant amount of patents never recover their cost, yet the annual growth of in force patents reach above 5%. Looking at a business case of patenting an invention from an LCC perspective, the cost for the patent application process and the maintenance of the patent are clear and can be incorporated. Strategic patent management leads to the optimisation of costs, cost reductions and consequently to an increased efficiency of a patent.Practical implication: Patenting is not always the most cost effective or profit maximising solution. The review laid out in this paper should serve those considering the financial aspect of protecting their IP rights while providing an insight about what type of costs are involved in patenting and how these can be optimised.Originality/value: This study is meaningful as it details the related costs of patenting, providing a basis for decision making. Costs laid out include those related to the application or filing process, the periodic financial maintenance, as well as the management and administration of handling these processes and partnerships. Costs related to R&D of the invention, opportunity costs and possible risks are further defined, providing a holistic view of the costs of patenting.

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Cost Management Strategies for Filing, Prosecution and Maintenance of Patents

Cited by 2 publications

References 6 publications

Towards inclusive biodesign and innovation: lowering barriers to entry in medical device development through large language model tools

Towards inclusive biodesign and innovation: lowering barriers to entry in medical device development through large language model tools

Patenting - A Cost Management Perspective

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