By Jeremy Coombs, senior vice president of operations, MultiLing
Outsourcing patent translations and other intellectual property (IP) services is a $3 billion industry and growing, due to European and U.S. patent reform coupled with an increase in patent applications globally. For example, the World Intellectual Property Organization (WIPO) reports nearly 100,000 pharmaceutical and biotechnology patent applications are filed each year around the world, with the trend continuing upward.
Smart biopharmaceutical companies are engaging with IP outsourcing companies to meet specific custom needs, streamline workflow, ensure the quality needed when working with highly technical and scientific IP, and ultimately speed time to grant for their patents and better ensure the enforceability of those patents throughout their life.
Choosing the right outsourcing partner for your specific company can be difficult. Not only do they need to be able to meet your needs, but you need to open up to new processes and ideas that will result in a mutually beneficial relationship that can evolve for the long haul. Consider the following reasons that patent translations will help protect your IP worldwide:
A Long-Term Partner for Success
In 2001, one of the world’s largest commercial biotechnology companies faced a major decision to meet its IP budget: find ways to cut costs or reduce the number of foreign patent filings. A critical component of filings is patent translation, which at the time accounted for nearly 40 percent of the company’s international prosecution costs. These costs were rising, while markets and foreign jurisdictions continued to expand.
To read the full length article, including a case study on one of the leading companies in biotechnology, visit http://ipfrontline.com/2014/12/3-reasons-outsourcing-patent-translations-protects-ip-worldwide/