Monitor Patent Applications and Portfolios From All Angles
A lot of time and energy is spent on patent monitoring. From monitoring for patent prosecution updates to monitoring the relative strength of patent portfolios over time, staying consistently up to date gives patent practitioners the power to keep their patent strategies current. Patent monitoring solutions simplify many patent monitoring tasks, freeing up time for professionals to spend on maintaining the overall health of their patent portfolios.
1. Monitoring for Patent Application Updates
Keeping tabs on USPTO correspondence and new postings to the USPTO’s Patent Application Information Retrieval (PAIR) system has always been a challenge when monitoring a large number of patent applications. Despite the challenge, it is important to monitor and track USPTO patent prosecution updates so patent practitioners have plenty of time to communicate with their clients and develop strategies when a response to the USPTO is required. The LexisNexis® PAIR Watch patent application monitoring tool from LexisNexis® IP takes the challenge out of prosecution monitoring. Using up-to-date patent prosecution data from the USPTO database, PAIR Watch sends email updates straight to users according to their preferences. PAIR Watch email updates even provide links to important documents from Image File Wrappers for quick and convenient access.
2. Monitoring the Performance of Pending Applications
With PAIR Watch in place to monitor the status of pending patent applications, patent professionals can spend more of their time developing patent prosecution strategies that will help them grow their patent portfolios. Patent portfolio management software acts as a command center for monitoring the health of the pending applications that make up a patent portfolio; it makes it possible for users to identify which pending patent applications in the portfolio need the most attention so resources can be allocated where they will make the biggest impact. The LexisNexis PatentAdvisor® patent analytics platform, for example, allows users to build digital patent portfolios called briefcases to run patent analytics over all of the USPTO patent applications within a briefcase at once. The result is that users can filter portfolio patent applications using informative patent performance indicators, such as the number of office actions received or how long applications have been pending, to target the applications in need of attention and to identify those that should no longer be pursued.
3. Monitoring the Value of Patent Portfolios
It is usually a good idea to assess patent portfolios from multiple angles. In addition to monitoring patent applications to ensure they are successfully prosecuted, there is also a lot to be gained from keeping an eye on a patent portfolio’s commercial strengths. The Patent Asset Index™ is a proprietary patent metric available on the LexisNexis® PatentSight® patent portfolio analytics platform that helps users gauge the overall strength of their patent portfolio, as well as their competitors’. Backed by many years of scientific research and validation studies, the proprietary algorithm behind each Patent Asset Index takes into account several key considerations. This information helps to quantify each patent’s value relative to other patents in similar fields, including how each patent has benefited further from technological advancement and its total market coverage. The end result is a patent metric that helps users familiarize themselves with the strengths and weaknesses of their patent portfolio so they can then identify ways to improve its commercial value.
Beginning with patent filings and through the end of the patent life cycle, monitoring the health of your patent applications and patent portfolios has never been easier. Patent professionals can now rely on tools like PAIR Watch, PatentAdvisor briefcases and the Patent Asset Index to consistently stay on top of their patent portfolios. By providing fast and effective patent monitoring solutions, LexisNexis IP products help professionals find their edge in the patent world.