All You Need To Know About Patent Mining
Patent is an integral part of Intellectual Property Right (IPR) and it provides exclusive rights to the actual owner of an invention. Patent documents are the most vital intellectual resources for safeguarding the interest of companies or individuals, but due to the wide information contained in the Patent documents, it can be hard to anticipate owing to the length & fullness of such documents. A new research field called Patent Mining, has come into the picture to help all Patent analysts in processing, examining & researching Patent documents for this problem. Scroll down to check more regarding Patent Mining.
What Do You Mean by Patent Mining?
Patent Mining is the process of examining, analysing, and researching Patent related documents to determine the most beneficial assets & information linked with granted Patents.
Big & old companies that have been working for a long time tend to possess many IPs that are unaccounted & the companies have no knowledge of such properties. When they get into a Joint Venture or merger, all these Intellectual Properties that are unaccounted & the companies have no knowledge or understanding of such properties. When they get into a merger/in a Joint venture, all these IPs get lost amid the restructuring process.
So, Patent mining aids these companies to examine and research the documents regarding registered Patents and after discovering all such IP or Intellectual Properties of the company, they estimate and create a portfolio of all the Intellectual Properties to recognise the best assets and valuable details which have the highest possibility of being violated. It’s very identical to the process of regular mining, where the miner uses their tools and digs the most valuable stones out of the minery.
In India, Patent Mining is a very challenging & difficult task in India because of the need of proper sources. There are not so many online databases in India that provide complete Patent documents and also lack effective search means.
IPO or Indian Patent Office doesn’t provide any comprehensive official database; a person or an individual or a person has to visit various sources to perform a Patent Mining task. Following are some different sources:
- Online sources;
- Patent Registry;
- Official Gazettes.
What is the need for Patent Mining in India?
All around the world, organisations & companies are trying their best to establish their Patent Portfolios, and this is only possible because people or individuals have initiated recognising the actual value of Patent Mining.
Patent Mining is still in the process of development in India. If Indian companies decide to take an interest in this area, then they will be capable to remove all the loopholes or gaps that can lead to the utilisation of all the technologies owned by our Indian companies.
Patent Mining can be utilised to help all the big & old Indian companies or organisations in discovering key Patents from their huge stock of Patent Portfolios and propose various methods to earn money from these Patents via licensing & litigation.
Companies or organisations use software tools to examine & evaluate to classify and determine the most valuable assets of a company. Means, imagine how much wealth an Indian company will be able to generate by recognising all these high-rated Patents which can be monetised for all the company’s betterment.
This mining process is also used to mine the Patent Portfolio of other companies, mostly in situations of cross-licensing/in the Patent Due Diligence process. With proper Patent Mining, companies or organisations can have leverage over the other company or estimate all possible exploitations of violation by the other company.
Most of the owners of Patent are not able to grasp the situation and are not even capable of having a complete overview of what valuable assets the company owns. Mostly, this is due to the reason for a huge Patent Portfolio/due to multiple asset transfers due to a Merger and Acquisition (M&A) or diversity of the technologies. However, in any given situation, it’s a must for them to obtain a professional assessment of their Patent Portfolios and Patent Mining can vastly help these companies to tackle such situations. The primary objective of Patent Mining is to assemble the Patent Portfolio and pinpoint all the finest company’s assets. Even in conditions where there are many Patent documents to deal with, with proper caution and care, Patent Mining can be used to categorise and assess Patents to recognise the top of the line assets and this assessment can be made use of to make vital decisions regarding monetising the Patents via the process of litigation or licensing. The assessment of Patent claims is vital as it will recognise all those top assets that in a monetisation campaign and business decisions deserve the most time & resources.
If we observe the competition between the top companies, they have to invest new things to stay strong in the competition, and Patents are the exclusive rights for such inventions. Not only has this but if we see via IPs largely affected the business value, which all the way makes Patents are important.
Even Indian companies have started being attentive regarding the significance of Patents, but still, somewhere, it still lacks accountability. Even after having all the proper knowledge regarding new technologies in the country, they are not able to safeguard these technologies from infringement by other companies.
Patent Mining can help in protecting these companies against such dangerous situations, and if appropriately utilised, Patent Mining will create many invention reports that the company didn’t know of.