Changes to the European patent applications process could save British businesses more than £10m per year, it has been claimed.
The UK Intellectual Property Office UK-IPO said the London Agreement, which has just been approved by the French President, could halve the translation costs of a typical patent granted by the European Patent Office (EPO).
Ian Fletcher, chief executive of UK-IPO said: “The simple step of cutting patent translations – translations which were rarely read – will save businesses more than £2,000 for a typical European patent application.
“This will amount to an estimated £10m saving for British businesses every year. This is a major saving, particularly for [small firms], and I welcome the decision by the French government which has allowed it to happen.”
The changes in the price of applying for a European patent will come into effect in early 2008.
“The UK has supported this process from the very beginning, and I am very pleased to see it finally bearing fruit,” said Lord Triesman, minister for intellectual property and quality.
“The London Agreement will halve the current cost of translating European patents, making patenting in Europe considerably more affordable. All innovative companies will benefit, and all consumers will benefit from a more innovative and competitive European economy.”
© Crimson Business Ltd. 2007
