Patents are valid everywhere in the world and if you have a patent, you get rich.... This is a misconception that is widespread. If only that were true!
Patents are valid anywhere in the world and if you have a patent, you get rich.... This is a misconception that is widespread. If only that were true!
What can you do with your patent?
Exclusive commercialization: only you may manufacture and sell it. Granting licenses: giving others permission in exchange for payment. Combating infringement: taking legal action against counterfeiters. Utilizing the innovation box: 64% tax savings on patent profits.
But, a patent is valid only in the countries where you have the maintenance costs pays. So global protection can get a little expensive. In other words, patents cost money. But if done right, it can be money well spent. After all, your competitors cannot sell what is protected by your patent - you have a monopoly!
This is also why it is so important to choose countries carefully. For example, the countries where the main competitors have their headquarters or production sites. However, the world is not a static place. Markets can change and so can your competitors. Therefore, regularly evaluate whether the country coverage is still in order. And also look at your competitors, because it is quite possible that they too have gone in a different direction.
Do you need an integrated IP strategy? Let us know know, we are here to help you. We like to do that and do it well!
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