Patent portfolio management is of paramount importance for companies
Most companies nowadays are putting efforts to have compressed and more targeted portfolios instead of maintaining bulk portfolios. Companies are now seeking quality over quantity to deal with increasing competition and sustain their profit margins.
In short, companies want to enhance the quality of their patent portfolio by maintaining effective patent applications and filtering ineffective patent applications. Therefore, the decision to continue the parent patent application and file the continuation application has now become infinitely more selective. Companies are adopting the following techniques to enhance their patent portfolios:
1. Automated PAIR Status Tracking: Companies track the legal status of every patent application of significant patent portfolios and send alerts to their in-house portfolio managing team when notice of allowance or issue notification event occurs for any of the patent application in the concerned portfolio. For instance, XLPAT provides a platform for regular tracking of big patent portfolios and also offers customized alert options.
2. Competitor Product Portfolio Tracking: Competitors often attempt to design around their products to bypass the claims of an existing patent. Interestingly, Artificial intelligence (AI), Machine Learning (ML) and Web Scraping algorithms can be utilized to find the closest products of competitor/target companies corresponding to a patent application, and that too in a quick span of time. XLPAT also provides this kind of platform for automatically finding potential products.
3. 102/103 Forward Rejection Data: A competitor’s patent application rejected during the prosecution phase due to a company’s earlier filed patent/application can be used to investigate encroachment on the patents/applications filed earlier by that company. These insights can be used to find competitors target products in similar technology. XLPAT has got access to this extremely useful data set in order to add value in evidence-of-use searching.
4. Selective Filing of Continuation Applications: Filing continuation applications selectively is important for efficient portfolio management. Patent attorneys and patent managers must identify applications which are worth continuing further.
Also, continuous applications should be filed with strategically drafting claims that can target competitor products while still finding support in the specifications of the parent application. In essence, the decision-making of filing continuation applications selectively by patent attorneys or portfolio managers can be made efficient by the use of automated modules of XLPAT.
Effective patent portfolio management is essential as it assists in filtering patents, continuation applications decisions and in identifying out-licensing opportunities.
Explore how XLPAT tools can assist in effective and constructive patent portfolio management