Quality Patents protect inventions since the owners of the inventions get exclusive rights to exploit them. When patents are ranked in order, the patents in the topmost ranks are quality patents. Your search for patents in a particular class to identify the patents that can be a threat to yours. Going through a thousand of patents is a waste of valuable resources. Moreover, your turnaround amount gets affected. As a result, a potential client may lose his patience and ask you to quit the process. In this scenario, a quick inspection of top-quality patents may reduce the TAT significantly. In this article, we’re going to know more about quality patents. Moreover, we’ll look at the approach of identifying quality patents.
Related Article: Proofread Patent Claims To Avoid Abandonment
What are Quality Patents?
The ranking of a patent tells about its quality. To calculate a patient’s ranking, you need to weight various parameters associated with the patent. However, the weightage of a parameter may vary from another parameter. After ranking patents, you’ll get a small subset of quality patents. As a result, you can look into quality patents and reduce the time used for researching. You may find many tools in the market that can rank a patent. However, those tools may not be using the parameters that we use in our ranking algorithm. The following are the parameters that we use to rank a patent.
- Forward Citation Count
- Backward Citation Count
- Forward Citation per year
- No. of Family Members
- Independent Claim Length
- Claim Count
- Prosecution Time
- Pending Life
- Unique CPC Count
- Big Assignee Count
- Type of Assignee
- CPC Citation
Related Article: Patent Proofreading: A Paramount Step to Achieve Patent
The importance of ranking patents
In the year 2018, the USPTO receives 643,303 patent applications. Out of all patent applications, the USPTO granted patents to only 339,992 patent applications. These numbers are likely to get increased in the coming years. Therefore, it becomes important to rank the patents according to their quality. The following are the cases where you may like to rank patents.
To know your competitors
We know that we should keep our friends close and enemies closer. Likewise, in this fast-growing environment, the competition between companies has become tougher than before. Moreover, the rapid advancement in science and technology and consumerism has impacted the market. In the race to get maximum patents, companies invest a huge amount of money in research and development. Therefore, companies keep a watchful eye on their competitors’ portfolios.
Many times, competitors file lawsuits against each other on the infringement of patent rights. With the help of patent monitoring, companies get notified about any infringements. In this situation, both plaintiff and defendant should rank their patents before taking any steps. Getting a higher rank increases the chance of winning the case.
To monetize your patent
You may have a big portfolio of patents. However, you needn’t monetize every patent. Every investor wants to monetize only those patents that can generate huge revenue. Therefore, you’d like to rank your patents and identify those patients that should be monetized.
To acquire patents
We know the importance of having patented inventions. Companies try to have maximum patented applications in their portfolio. As a result, many companies acquire patents. Moreover, they may want to get monetary benefits out of the patents. Thus, patent ranking becomes important in this particular situation. If you want to acquire a patent, you look for a quality patent.
Related Article: Patent Docketing Need in IP Lifecycle
Patent Drafting Catalyst
Patent Drafting Catalyst (PDC) is a subsidiary of Sagacious IP. Based out of the United States, the Company has clients from more than 45 countries. PDC has years of experience in drafting patent applications. Moreover, PDC has subject matter experts that closely examine your invention and help the drafters. Having experienced professionals working at the company, PDC has been offering services for over 10 years. PDC has a comprehensive list of services: patent drafting, patent filing, and patent drawing, and so on. We, at PDC, believe in keeping our process transparent. Therefore, you may check out some of our sample works here – Samples.
If you want to use our affordable services, you’re always welcome – Patent Drafting Catalyst.