The innovation patents system have been spared – for now. As we discussed in a previous article, the innovation patents system minimises the red tape and costs that small scale inventors have to deal with. Recent plans by IP Australia to abolish the system faced opposition from many sectors, and it seems they've listened.
Innovation patents aren't out yet
IP Australia introduced the Intellectual Property Laws Amendment Bill 2018 into parliament just before Easter. But in a surprising turn of events, the section on scrapping the innovation patents system was left out.
This is great news for smaller businesses looking to protect their IP in an affordable way. Innovation patents only last for eight years, and require an 'innovative' step rather than the 'inventive' one required to gain a patent. What does this step amount to? IP Australia defines an inventive step as one that is entirely new from what came before and adds significant value. An innovative step, on the other hand, is only an incremental advance on existing technology.
For companies that have invested money in research and development, but have only refined existing technology, an innovation patent is a great way to protect these intellectual assets.
An uncertain future
It would seem the lobbying that's taken place on the part of the Institute of Patent and Trade Mark Attorneys of Australia (IPTA) has paid off. It's been engaging in conversations with IP Australia, the government, ministers and other interested parties in order to try and save the innovation patents system. The IPTA recently said in an email to their members that they were pleased with the decision IP Australia has made to continue consultations around the system, rather than scrapping it in a hurried manner.
However, the innovation patents system ultimate fate seems less clear than before. The statement from IP Australia simply states that they will be undertaking "further consultation at better understanding the needs of innovative SMEs before the phase out of the innovation patent occurs." Whether that will amount to the system being updated, replaced or scrapped altogether remains to be seen, yet the language IP Australia has employed seems to suggest the system is still on very shaky ground. Whatever happens, you can rely on Alder IP to keep you in the loop.
For more information on how we can help you protect your business's IP, contact us today.