The COVID-19 Pandemic is causing economic trouble unseen since the Great Depression of the 1930s. The unemployment figures in the US are even worse than they were during the recession of 2007-2008. Every business is impacted in one way or another. Some are actually thriving despite COVID-19 (E-Commerce sector) while many are shuttered (Gymnasium, Restaurants, Live music venues). The word ''recession proof'' is now vain. The economic impact was expected to hit smaller and newer businesses harder, as they typically have less financial cushion.
Some IP research firm estimates that the global economic slowdown could result in 2-4% fewer patent filings in 2020 and 2021. Companies holding large patent portfolio are being greatly affected by the pandemic and therefore trying to implement some obligatory measures to minimize the impact of a pandemic on their economy. Some companies have started re-shuffling their patent portfolio to cut down their cost by minimizing the cost spent of maintenance of patents, prosecution and searching. To minimize the cost further, patent holders are even thinking of abandoning the patents, dropping ideas of patent acquisitions. C-suite executives of big companies are also identifying the key innovation domains existing in present era and restricting themselves to continue working in those specific areas only. It is also expected that the pandemic will lead to a drop in PCT filings as patent holders will prefer not to waste money by patenting their invention in every nation, instead get patents in some selected jurisdictions on the basis of likely probability of infringers in a nation. This will lead to selective filling of patents in some jurisdictions only.
So, What can a Patent Attorney do??
Clients are an integral part of any business and letting them know that your business cares about them and they are much more than just a revenue machine will help enhance relation with them.
Inspire the Strategic Thinking
The uncertainty about the slowdown duration has made almost every business to think about conserving cash. But business schools usually teach that the down time in economy is the right time to invest as it increases the market share when the economy rebounds
It becomes the right time for the businesses to look up on their strategies and plans whether anything needs to be resorted and to come back with proper resolution when the economy comes back. it also become the right time to think upon the weak patents, if it is feasible to spend maintenance fee on these and to invest the right amount in the stronger patents
Improve Your Processes
It also becomes right time for the businesses to look upon the current processes and whether they need to be streamlined.
In the current scenario when businesses are thriving it is right time for the business to think upon the new plans, new ideas and to plan for the economic rebounce.