Vince Cable deal with EU seems to be hugely encouraging for various entrepreneurs to invest on inventions and new developments. Previously, Patent titles in Europe used to be granted by the European Patent Office (EPO), administering a single procedure to grant patents (nationally) which were subjected to national rules. Also it didn’t have single jurisdiction for disputes. Now there will be new benefits based on new reforms.
Registration cost of patents in the EU has fallen down from 36,000 pounds to 5,000 pounds. The new agreement has been signed which will introduce a new unitary patent valid in 25 countries consisting of bringing down the registration costs almost by 90 per cent. Government hopes for the following benefits:
- Encouraging entrepreneurs to keep on coming with new ideas and developments which can help the economy to grow on a whole.
- It’s simpler for businesses to make enforcement of intellectual property rights.
- Previously, having a patent in two or more key countries is as valuable as having a European patent in terms of a commercial barrier to entry for your competitors but now one can patent their innovation directly with EU.
- Moreover, as per the new reforms a separate patent court i.e. UPC (Unified Patent Court) will be established for 25 participating states, to sort out any of the litigations of laws linked with patenting. Any form of patent breach will directly be handled by the same court which will never require any legal proceedings in foreign countries.