20: Patent Masterclass for Healthcare Entrepreneurs & Innovators

15 Minutes With The Doctor: Learn from Healthcare Entrepreneurs and Innovators

On this special masterclass episode, we are joined by Phil, a patent attorney with a company called EIP. It’s a longer than usual episode but it covers the essentials in regards to patents. Phil gives us a concise but thorough description of patents, the process for being granted a patent, and some useful guidelines and tips for healthcare entrepreneurs and innovators. What you will learn in this episode: - Patent defined - What can be patented? - When is the ideal time to patent? - Patent process - Costs associated with patenting - Advice for those considering submitting a patent application - Patent defined • A patent is an exclusive right to stop others from exploiting your invention. • An invention is a technical solution to a technical problem; of an industrial nature including functionality, construction, process, or chemicals. - What can be patented? • Any invention with an industrial application, which can include the technical aspects of software. - When is the ideal time to patent? • It is never too early to submit a patent application, but it can be too late. • You must consider strategic factors including the stage of development, the availability of funding, the availability of resources from suppliers, and the willingness of distributors to carry the product. - Patent process • Secure a patent attorney to draft the patent application – It is often to challenging to do yourself. • File a priority application through your patent office. • After a 12 month waiting period, you can then request a search and preliminary opinion to determine if the invention is protectable and then submit a priority claiming application which can include additional information. • After approximately 12 more months, you can submit international applications in the countries where you would like for the patent to be granted, after which the agencies will conduct a thorough investigation of your invention’s viability for patenting. • Next, your patent will be examined and you can submit arguments and amendments until your patent meets requirements. • Finally, you will be subject to various fees after which your patent will be granted. - Costs associated with patenting • You will encounter costs at each stage of the patenting process, ranging from £4,000-£15,000, you also need to account for the renewal and maintenance fees that you will incur during the 20 year patent. - Advice for those considering submitting a patent application • Consider keeping your idea secret until it is protected; be cautious using crowdfunding sites to raise funds if you disclose too much information. • Choose your patent attorney and business advisors carefully, and have them sign Non-Disclosure Agreements. • Determine who actually owns the patented material; this could save you from trouble down the road. • Before you begin this lengthy and expensive process, consider whether applying for a Registered Design or a Trademark could better meet your needs instead. Key Quotes and Links: “The patent gives technical protection to the person who has filed the patent.” “It is important to work out how far along in your development you are and make a strategic choice about when to file your patent application.” “What’s termed ‘state of the art’ is everything that is available at the date that the patent application was made.” UKIPO: https://www.gov.uk/government/organisations/intellectual-property-office EIP: https://www.eip.com/