What is a pending patent?
November 22nd, 2023
When it comes to patents, it is common to hear the terms “pending patent” or ” in process patent,” which means that a patent application is currently under examination. But what exactly does this term mean, and why is it so important in the world of intellectual property and technological innovation? In this article, we will explore in detail what a pending patent is and how it impacts inventors, companies, and the economy in general.
The concept of a pending patent
A pending patent, or patent pending, is a patent for which an application has been filed with the patent office but has not yet been officially granted. In other words, it is a patent application that is still in the processing stage. As long as the application has not been thoroughly examined, and the patentability criteria have not been met, the patent is considered “pending.”
The pending patent procedure
To obtain a patent, an inventor must file an application with the patent office in their country. The application should include a detailed description of the invention, precise claims to describe what is being claimed as the invention, and any relevant information about the invention’s background.
Once the patent application is filed, it undergoes a rigorous examination process. Patent examiners assess the novelty, inventiveness, and industrial applicability of the invention. If the examination is successful, the patent is granted, and the inventor gains the exclusive right to exploit their invention.
The importance of pending patents
Pending patents are crucial in the realm of intellectual property for several reasons :
Early protection: Even before obtaining a patent, filing a pending patent application provides a certain level of protection to the inventor. No one else can file a patent application for the same invention once an application has been submitted.
Asset valuation: Pending patents can be used as assets in business negotiations and licensing agreements, even before their issuance. They serve as evidence of ongoing innovative development.
Competitive monitoring : Companies often monitor pending patent applications of their competitors to anticipate market trends and new technologies.
Pending patents play an essential role in promoting innovation, protecting investments, and sharing knowledge. They mark the starting point of the patenting process and are crucial for inventors, companies, and the economy at large. Therefore, effective management and tracking of pending patents are essential for anyone involved in the field of intellectual property and technology. If you have any questions on this matter, feel free to contact our experts at any time at Invention Quebec.