The search for a vaccine for the COVID-19 strain of coronavirus has put the spotlight once again on the innovative pharmaceuticals sector. As pharmaceutical companies and innovators across the globe work diligently on a vaccine, many of these companies may be looking to protect their innovation. While patents have many benefits, in the face of a global health emergency, there are some key factors innovators should consider.
Timeline for Patent Registration
Patents can provide broad protection for invention and innovation. They can also create a significant advantage in the marketplace. However, patent registration takes time and may require significant resources. According to the United States Patent and Trademark Office (USPTO), on average, it takes approximately 22 months to get patent approval. This period may be shortened by taking advantage of one of the USPTO’s accelerated examination procedures and may be shortened by utilizing the USPTO prioritized examination option, where a final decision on patentability is made within 12 months from the filing date of the patent application.
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