How do we reduce patent agent fees to save more on patent renewals for our customers?

When it comes to patents, there can be many different cost categories associated with their renewal. This includes, for example, official fees (the patent office’s official costs), transaction fees, the service fee of the patent annuity provider, or local patent agent/attorney fees. 

While many countries allow direct payments to patent offices, in some jurisdictions, it is not possible to pay the patent office directly, due to different criteria the patent offices set, so a local third party, a patent agent, is needed to complete the renewal in the patent holder's name.

In the field of IP management, the costs associated with local agent fees can be significant. These fees are charged by authorized patent agents who act on behalf of patent holders, handling the formal communication and transactions with patent offices. Such fees can vary widely by country and by annuity year, often adding a considerable extra fee to the overall cost of a patent renewal.

This post explores how PatentRenewal.com utilizes innovative strategies to minimize these fees to achieve maximum cost-efficiency for our customers.
‍‍

Where are local patent agents necessary to execute a patent renewal?
‍

It's important for patent holders to be aware of where patent agents are needed and where they are not necessary to execute the renewal of patents. In our experience, many IP law firms and IP management software providers still utilize local patent agents in countries where they are no longer required.

This added and unnecessary cost will make the patent holder’s total patent renewal costs much higher. If you notice that on your IP renewal invoice, you get charged for local agent fees in countries where they are no longer required, then your patent renewal fees are higher than they should be.

Our approach for eliminating extra patent renewal costs
‍

At PatentRenewal.com, our goal is to reduce unnecessary expenses in the IP renewal process wherever possible. These patent agents’ fees can vary depending on the annuity year and above mentioned specific jurisdiction, which can inflate the overall cost of renewals. 

Instead of using local agents even in regions where they are no longer required, like many IP management providers still do, we address this issue directly by keeping up with the ever-changing changes and requirements in the local regulations and immediately acting upon them.

With our fresh knowledge, we are able to adjust to the local rules and eliminate the need for local agents, making it possible to pay directly. In all jurisdictions where direct payments are possible, we leverage the most modern payment technology solutions to handle these transactions efficiently. 

This means that our strategy not only simplifies the patent renewal process, but also ensures that our customers are not paying more than necessary. Therefore, today, for more than 90% of IP renewals handled by PatentRenewal.com, there is no local patent agent fee at all, since our software manages the whole renewal process without an external patent agent when it’s possible. ‍

‍

How we achieved 70% reduction in patent agent fees 
‍

Aside from completely eliminating middlemen, like patent agents, from the workflow where possible, we also successfully reduced patent agent fees in jurisdictions where they are required by pooling payments. We can also leverage volume to negotiate more favorable terms or setting deposit accounts to avoid extra transaction costs, which translates directly to lower costs for our customers. 

It’s equally important that our Operation Excellence Team actively searches for more cost-effective patent agents in those jurisdictions where we have to leverage them. Individual patent agent fees can vary largely, so it’s crucial for cost optimization to form reliable yet affordable partnerships.

The below graph illustrates the steep decline in patent agent fees over recent years and highlights our effective strategy for reducing the cost of patent renewals for our customers annually. We are proud to present that we have already reduced our agent fees by 70% compared to 2020. 

Annually, we were able to reduce our fees by an average of 25% compared to the previous year, which underlines the effective methods our PatentRenewal.com team implements continuously.

Saving up to 50% on total patent renewal fees for patent holders
‍‍

Our patent renewal experts are dedicated to continuously monitoring and adapting to the global IP management landscape. By staying informed of regulatory changes and adjusting our strategies accordingly, we ensure that our customers benefit from one of the most cost-effective patent renewal solutions available. 

Although there are factors that can't be influenced, such as jurisdictional regulations that make local agents required, it can still mean a significant benefit to our customers when looking at the overall up to 50% total cost savings they receive on their patent renewal costs with PatentRenewal.com.

Effectively managing patent renewals is about more than just reducing costs; it is about making informed investments in the protection and management of your key assets to ensure that your innovations remain competitive.

‍

Are you ready to transform your IP management approach? Learn how PatentRenewal.com can enhance your processes, decrease renewal expenses by up to 50%, and protect your innovations. Schedule a demo or request a pricing comparison today! 

‍