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With the increasing number of IP applications required across multiple jurisdictions, the costs of intellectual property (IP) protection are rising for businesses, which makes IP portfolio benchmarking and cost management solutions all the more essential. While businesses must preserve well-protected IP portfolios, how can IP leaders ensure each asset contributes to their financial and strategic goals?
Similar to how a business uses benchmarking to assess its market position,IP portfolio benchmarking and cost management solutions measure the effectiveness of registering and maintaining IP portfolio assets. In this way, a business can ensure assets are protected with maximum efficiency.
What Factors Influence the Total Cost of Intellectual Property Protection?
There are two main costs associated with protecting IP: obtaining protection (by filing an IP application) and maintaining protection (e.g. through recordals, renewals, and other administrative tasks). While we will consider the legal costs of protecting IP in this article, there are other related costs, such as product development and marketing, as well as associated IP processes, such as trademark searching, to consider.
- IP Application Costs
Depending on the markets in which your business is operating, the cost of obtaining IP protection can vary. However, the structure of IP applications and their associated fees is generally similar between markets. There isan initial cost to prepare documentation for your patent, trademark, or design application, and this cost can vary depending on your provider and the complexity of the asset.
Once documentation has been prepared, it will need to be submitted for review. Depending on the market in which your business is seeking protection, you may need to submit your IP application to various authorities, through national, regional, or international systems. TheseIP applications can be complex and costly, so it's advantageous for a business to consult with a legal advisor or an IP administrative specialist, such as Questel, throughout the process to ensure the correct documentation is submitted to the relevant authorities within the necessary deadlines.
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- IP Maintenance Costs
Once your business has registered your IP asset, it will have protection for varying time periods depending on the country of application and whether it is a patent, trademark, design, or other type of IP right. Renewals and recordals will be necessary to extend or maintain protection through the lifecycle of the right.
Fees, processes, and deadlines for renewals and recordals vary by country and region, so it can be beneficial to outsource the process to a trusted specialist.
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How Can I Save Money on IP Protection and Maintenance Costs?
By assessing and evaluating the costs of IP protection and benchmarking those costs against industry solutions, businesses can ensure they are not overpaying for protection.
To find out more about the benefits of outsourcing administrative IP matters, such as renewals, recordals, and international filing, read our articles 'Should You Outsource Intellectual Property Management Services?' and 'Why Do Companies Outsource IP Tasks? Because They Want to Reach Their KPIs!' or download our 'Case Studies in IP Administration.'
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
