For the innovator, every innovation is priceless and valuable. When an innovation begins to bring in money, one may fully benefit from it.
Ways to Commercialize Patents
Simply having a patent does not ensure that a product or procedure will be successful commercially. The innovator must constantly make one push in order for the demand for the patented innovation to soar.
Selling the patent
The inventor may sell the patent ownership and relinquish all rights to the patent to another entity or organization (assignee) to get to see a speedy return on their investment in the invention's research and development.
The patent can be commercialized more effectively by issuing licenses. A patent holder has the option of exclusive licensing, which gives one company the only right to produce, use, or market the patented product.
Ensuring the patent license is in the right hands
Before licensing the patent, the licensor should research and choose qualified licensees. This will guarantee the patented product's successful commercialization. A product is more competitive with its rivals and brings in more money for the licensor the sooner it hits the market.
Fixing the licensing fee
Benchmarking is the method most frequently used to determine the compensation amount. The parties first contrast the patent with more recent and current technology. The licensing charge is then determined after careful consideration by both parties of the pre-existing licenses and agreements.
Self-manufacturing and outsourcing
A patentee may choose to advertise and produce his patented goods in his own business. However, if the innovation is original, it could be effective in such situation. The patent holder, meanwhile, will be responsible for the product's production and marketing risks.
Sometimes, an innovation is totally unique. There might not be a market for such a product. However, the creation may be the answer to a significant issue. In such circumstances, the patent holder may develop a marketing strategy to promote the product.
Patent licensing: must to be done
The role that the patent system plays in fostering investment, economic growth, knowledge transfer, and resource efficiency results in the economic advantages of the system.
- By producing new and improved products and services that address societal demands, innovation helps the community.
- In addition to the standard benefits for scientific discovery, such as academic acclaim and advancement within research institutes, the possibility of financial gains provides additional motivation.
- Several contributions, including those from organizations involved in research and healthcare, recognized the significance of patents as a motivator for innovation and investment in research.
- Patents stimulate the growth of national industry because local companies that hold patents can attract overseas investment and develop products for export.
- The granting of licenses to Indian businesses to produce ideas created in the nation can raise the level of expertise and knowledge among Indians.
- Patents decrease the duplication of research effort by promoting information exchange and motivate scientists to improve upon prior ideas. A patented product may be examined by researchers who look for methods to make it better. Research that would not be possible without access to patented innovations may also be made possible.
CHALLENGES OF PATENT COMMERCIALIZATION
A Forbes article states that only around 5% of the 2.1 million US patents that are now active have been commercialized. 90% of patents are unsuccessful in finding licensees, angel investors, or commercial partners. Over 50,000 prestigious university-owned patents with good grade protection are among the unlicensed patents in this group. Similar to this, in India, fewer than 5% of patents get commercialized.
Solution: Join NSTC
- Displays the significance and worth of your discovery: In addition to your publication history and patent filings, NSTC can give you another option to demonstrate the effect and value of your reagents to your university. This is due to the fact that commercialization offers an additional means of demonstrating the relevance of your research to the larger industry and society. Additionally, by marketing and commercializing your reagents, NSTC may increase awareness of your research tools throughout the world, allowing you to connect with researchers you would not have otherwise had the chance to.
- Keep your reagents safe for the future: If you rely on NSTC to commercialise your reagents, you may be confident that they will be safe and secure even if anything terrible happens to your own stock of research equipment. This is due to the fact that your research instruments are then kept in several places, enabling you to quickly replace your reagents in the event that something were to happen to your stockpiles.
- Supports your institution's and your future research: You and your institute will both get a portion of the money made from the sale of reagents in accordance with the institute's revenue-sharing regulations. By doing this, you may make sure you don't lose out on any money earned by your research tools and get more money or support for your own ongoing study.
- Saves you time and makes your reagents more well known worldwide: You and your institute will both get a portion of the money made from the sale of reagents in accordance with the institute's revenue-sharing regulations. By doing this, you may make sure you don't lose out on any money earned by your research tools and get more money or support for your own ongoing study.
Get your Technology commercialized with NSTC
Register your advance research for better communication.