The holder of a registered patent is granted a monopoly for the period of the patentand In accordance with Clause 52 to the Patent Law 5727 – 1967, that means a period of 20 years from the date on which the request for patent was filed. During that period the patent holder can exploit the invention through the use of that invention and by garnering profits and capital, both by selling the invention to the highest bidder, such as investors or companies in the field, or by licensing the use of the invention and receiving periodic royalties on the sale of patent protected products. However, it is important to remember that a combination of the two is also possible – the patent holder can receive a lump sum in advance, which has short term advantages and can also receive royalties, usually calculated as a function of patent protected product sales.
Undoubtedly, registered patents will be preferable to investors and purchasers of inventions. Nevertheless, it is often true that commercial transactions involve inventions for which request for patent has only just been submitted and they have not yet been granted patent. Simply, that means that examination by the Registrar of Patents’ examiners has not yet been completed and the invention has not yet received a Certificate of Patent. Such situations arise due to a number of factors such as the quality of the invention – which means an invention of interest to potential investors can be purchased at a very early stage because investors or companies do not want to lose a good invention that could yield large profits. More than anything else, they fear losing a good invention to their competitors in the same sector, who might purchase the invention from the inventor or the patent holder instead of them. Another reason is that usually, it takes a long time for the granting of patent. Investors and companies sometimes want to exploit an invention at an early stage, particularly when there is no similar product in competition with them in the marketplace and it is possible to create demand for the product that is the subject of the patent.
Nevertheless, some companies and investors refuse to purchase products yet to receive registered patent. When an inventor comes up against that position, there are other ways to act and ensure monopoly. One solution is to file a request for the acceleration of examination of a request for patent or, as it is sometimes termed, a request for fast track examination.
If a petitioner has good reason to request a fast track examination that person shall be entitled to file a reasoned request with the Registrar of Patents for a fast track examination. A patent attorney will check if that person’s explanations are reasonable and if yes, the patent attorney will draw up a request for the acceleration of the request for patent examination, accompanied by a declaration. If the request is accepted, a patent examiner will look at the request for patent within a short time. If the examiner approves the request for patent, soon after receiving notification that it has been accepted, the request will be published. After another period, if the patent complies with all the mandatory conditions in Law and the Patent Regulations, the patent holder will receive a Certificate of Patent. It is important to mention that the cost incurred for a request to accelerate examination of patent is relatively, lower than the cost for drawing up and filing the main request and therefore, acceleration is an option that can serve inventors even at the initial stages.
An inventor can petition for acceleration of patent examination even before receiving a specific demand to take that step from a potential investor or company interested in purchasing the invention, which means that an inventor can begin the task of selling the invention at a very early stage and within a short time – selling a patent protected invention.
It is important to remember that this process must be undertaken in consultation with a patent attorney, with experience in filing requests for acceleration of this type. If such a request is possible, the patent attorney will be able to consider and formulate the appropriate request, which must be accompanied by a declaration signed in the patent attorney’s presence. The information given above is merely a summary and does not contain all the necessary detail. Therefore, it is vital to consult with a patent attorney who is well acquainted with the process and will be able to help the inventor to take the most suitable path for the invention submitted in a request for patent and will be able to explain the advantages and disadvantages to the inventor or petitioner for patent.
Inventors interested in filing a request for patent, including a request for the acceleration of patent examination, or inventors who have already filed a request for patent and are waiting for the examination of the request, are invited to call +972 – 3-9711011 to receive more information and talk to a patent attorney with experience in this field.