Chain Peptides’ focus is on creating innovative antimicrobial solutions to prevent infections acquired in healthcare settings, particularly those transmitted via medical devices. Additionally, they are committed to developing new antimicrobial drugs aimed at tackling the challenge of multi-drug resistant bacteria in the pharmaceutical industry.
To shape a future where patients heal from injuries free of infection-related complications, they were looking for a solution that streamlines their patent renewal process, making it more efficient time and cost wise.
The challenge:
Before transferring to the PatentRenewal.com solution, Chain Peptides relied on the service of a Finnish patent attorney to arrange their patent renewals. The workflow of using a traditional law firm-based service seemed obscure and unnecessarily complicated, which made Chain Peptides handling of their intellectual property not only costly but also a challenging process.
One of the main issues was the high costs associated with patent maintenance. Their previous patent attorney charged them for the patent maintenance fee while also applying different types of service fees on top of the maintenance fee, making their invoices completely untransparent.
On the other hand, they also encountered the lack of reliable forecast and budgeting for upcoming renewal fees. They could only receive estimated quotes upon request, but these were often inadequate for making well-founded financial decisions. The additional charges and the lack of transparency made the patent renewal process a burden for Chain Peptides, prompting them to look for more affordable options.
Lastly, the communication with their former IP provider was outdated and inefficient. Getting quarterly updates required several phone calls or emails, which were time-consuming and didn’t fit well with Chain Peptides' need for a more responsive system. The company needed a simpler way to access updates on their patents’ renewals. Their previous provider didn’t offer an online platform, which made the process not only slow but also inconvenient, especially given the Chain Peptides team’s busy schedule.
“We started looking for a new provider because we wanted to have more control over the platform and a clear vision of patent costs”
Why PatentRenewal.com?
Chain Peptides wanted to solve these pain points, therefore they started actively looking for another IP provider who could offer an innovative solution to all of their needs.
The CEO, Tejesvi Mysore, took charge and started to look for a new solution online. He originally explored other single patent attorney based solutions, but their fees proved to be still too high and they could not offer a digital platform either. When expressing these concerns regarding the fees and the setup, one of the patent attorneys recommended PatentRenewal.com as one of the most cost-effective solutions on the market.
Besides the positive recommendations, they decided to partner with us based on these advantages:
- 100% transparent IP renewal management and renewal fee structure
- Guaranteed savings on the patent renewal fees
- Easy to handle IP management platform that is available 24/7
After PatentRenewal.com checked all of the boxes on their wishlist, they decided to transfer all of their patents to our platform.
"After comparing multiple providers, I felt like PatentRenewal.com was better than other alternatives on the market so we transferred all of our patents to PatentRenewal.com."
A new era of patent management
Switching to PatentRenewal.com provided a platform that they could access on their own, letting them monitor the deadlines of their patent renewals and decide if they would like to continue renewing them or putting them on hold.
Their commitment to our solution has translated into significant cost savings, almost 30% savings on the service fee of their multiple patent family renewals. This amount of annual savings allowed them to allocate their resources to other business areas.
The PatentRenewal.com forecast feature not only helped them close a cost-effective year, but supported them on a daily basis as well. They use it actively during their quarterly board meetings, to show real-time data and make an informed decision on their patent budget. This feature gives them the opportunity to evaluate their past costs and forecast their upcoming fees in detail, even for up to 3 years in advance. Chain Peptides doesn’t have to wait for callbacks to get their updates anymore, they are able to monitor everything in real-time and on their own.
Moreover, our Customer Success team’s proactive approach and fast communication has also made a positive impression on them from the get-go. No more multiple email chains, they are always ready to help and solve any issue that comes up, almost immediately.
“I highly recommend PatentRenewal.com to save patent maintenance fees annually. It will free up your time and also save about 25 to 30 percent for your business. I am very happy with PatentRenewal.com and I wouldn't switch back to my patent attorney anymore. This setup has been working really well for our company. ”
If your company is grappling with IP renewal challenges, consider the success story of Chain Peptides.
Join the growing number of 1500+ patent owners who have entrusted their IP renewal to PatentRenewal.com.
Contact us today for a free price comparison, or book a meeting with one of our experts to learn more about our solution and platform’s main features.
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