(954) 634-2652
| The process of obtaining a patent for an invention can be lengthy. According to statistics published by the United States Patent and Trademark Office (USPTO), as of January 2024, the average wait time for a patent application to be substantively examined is about 20.2 months. In some instances, the wait time can be even longer. Although having a lengthy, drawn-out patent examination process can be beneficial in certain cases, expediting a patent application’s examination timeline, also known as filing for “accelerated examination,” can offer several benefits. This article discusses those benefits. Faster Examination and Grant: The most obvious benefit is a quicker examination process. The USPTO aims to reach a final decision on an expedited patent application typically within 12 months, compared to several years for regular applications. This faster grant can be crucial for technologies that evolve rapidly. Early Market Advantage: By securing patent rights faster, an inventor or a company can capitalize on the market exclusivity provided by a patent. This can be especially important in highly competitive industries. Attracting Investments: A granted patent often makes a technology or a business more attractive to investors. Accelerating the patent process can thus facilitate earlier funding and business development. Strategic Business Planning: Faster patent grants allow businesses to make more informed decisions about their product development and marketing strategies. Knowing the scope of patent protection early on can guide business and R&D strategies more effectively. International Strategy: If a patent is part of a global IP strategy, obtaining a patent quickly in the U.S. can influence patent proceedings in other jurisdictions. It can be advantageous in parallel patent applications under the Patent Cooperation Treaty (PCT) or in other countries. Reduced Cost in the Long Run: Although the initial cost for expediting a patent application might be higher due to additional fees and potentially higher attorney costs, the overall expense could be lower. This is because a quicker examination process might reduce the number of filings, office actions, and the associated responses, which are often costly. Reduced Uncertainty: A quicker examination reduces the period of uncertainty regarding the patentability of an invention. This clarity can be beneficial for businesses in their planning and operations. For example, if the USPTO finds that an invention is not patentable, then funds may not need to be allocated for international protection. Without accelerating examination, one would not know if the USPTO would find an invention patentable until after the filing deadline to seek international protection. Enhanced Licensing Opportunities: A granted patent is often more attractive for licensing deals. Accelerated examination can lead to earlier licensing opportunities and potential revenue streams. It’s important to note that while there are advantages, the decision to expedite a patent application should be made after considering the specific circumstances of the patent, the technology involved, and the business strategy of the applicant. For more information about Derek Fahey, Esq. this article’s author, click HERE. |
wordpress theme by initheme.com