3 Reasons Companies Should Monitor Competitors’ Patent Filings
1. Use Competitors’ Patent Filings to Evaluate Current Investments and Future Patent Rights
In other words, keeping tabs on what a competitor is trying to protect provides a glimpse into the competitor’s planned business strategy. Companies that track their competitors’ patent filings can better understand the direction in which the competition is headed and prepare in advance for any patent rights their competitors may ultimately be granted.
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2. Use Competitors’ Patent Filings to Identify Potential Patent Conflicts
3. Use Competitors’ Patent Filings to Better Strategize Commercial Growth
Continually monitoring the patent filings of competitors is advantageous in many ways. Modern patent prosecution tools like the LexisNexis PatentAdvisor® patent analytics platform make it easy to track the competition by providing automated notifications about competitor patent applications. PatentAdvisor™ patent data, patent statistics and patent metrics also can be used to identify which technologies the competition is trying to protect, the likelihood that they will receive a patent and the timeline in which their patents will likely issue. Companies that use PatentAdvisor are empowered to navigate the commercial landscape more effectively and better develop their patent strategies.
In addition, the LexisNexis® PatentSight® innovation analytics platform allows users to track the evolution of rival patent strategies, including changes in portfolio sizes and strengths, global filing trends and even the expiration of their most valuable patents.
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