London Agreement To Save UK Inventors GBP10m, Says IP Office
The UK Intellectual Property Office has estimated that inventors and businesses
in the UK are set to save more than GBP10 million a year, thanks to the forthcoming
implementation of the London agreement, which does away with the need for unnecessary
translations.
The cost of translating an average European patent will be halved when the
London Agreement on patent translations enters into force on May 1st, 2008. New Minister for Intellectual Property Baroness Morgan commented: "The French government has taken an historic step, which brings about
changes first conceived in Paris in 1999. The London Agreement will greatly
reduce the cost of patenting in Europe. Innovative UK companies will find it
easier to protect their ideas, and market new inventions, benefiting consumers
and the economy alike." Inventors can already apply to the European Patent Office (EPO) to have patents
granted for up to 34 European countries in a single application, which greatly
reduces the cost of protecting inventions in Europe. Almost every one of these countries requires a full translation of the patent
into their national language before they will recognise it. These translations
account for about 25% of the cost of an average European patent. From May 1st, however, full translations will no longer be required for 14
states, including the major markets of the UK, France and Germany. For an average
European patent, granted in seven European states, an inventor will save over
GBP2,500 in translation costs. This change is expected to benefit small and medium-sized enterprises in particular. .
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