Key Takeaways:
- Terrifio, an IP/Legal software provider, reveals concerning statistics on the compliance of virtual patent marking (VPM) among UK companies with U.S. Patent rights covering marketed products.
- A statistical analysis conducted by Terrifio shows that 32% of VPM webpages examined were susceptible to non-compliance under U.S. law due to a lack of clear and unambiguous relationship between patents and associated patented articles.
- Half of the non-compliant webpages failed to present each identified patent alongside its associated patented articles, a critical requirement under U.S. law.
- The average “date of last update” for the examined VPM webpages was approximately two years, raising concerns about active management of the underlying VPM program.
- Representative industries with VPM webpages included software, IT, computers, healthcare, medical equipment manufacturing, manufacturing/automation/industrial, and biotech research.
- Terrifio’s solution, Markr, streamlines VPM compliance by simplifying setup, ongoing administrative tasks, and webpage updates, empowering companies to efficiently manage their patent applications, issued patents, and products.
- Markr allows users to export VPM-compliant PDFs or update their VPM webpage with a single click, eliminating the need for reliance on IT teams and reducing administrative work.
- The tool provides a comprehensive audit trail to record export actions, enhancing patent valuations during sales and strengthening leverage and potential damages payouts in infringement cases.
- Terrifio emphasizes the importance of compliant VPM practices for maximizing potential damages and settlement leverage, and urges companies to establish and maintain credible VPM Notice protocols.
Compliance Challenges in Virtual Patent Marking
Terrifio’s recent statistical analysis highlights significant compliance challenges related to virtual patent marking (VPM) among UK companies with U.S. Patent rights covering marketed products. The analysis reveals that 32% of the examined VPM webpages are susceptible to non-compliance under U.S. law due to a lack of clear and unambiguous relationship between patents and associated patented articles. Among the non-compliant webpages, half failed to present each identified patent alongside its associated patented articles, which is a critical requirement according to U.S. law. Additionally, the average “date of last update” for the VPM webpages examined was approximately two years, raising concerns about the active management of VPM programs.
Representative Industries and VPM Practices
Terrifio’s analysis covered a range of industries, including software, IT, computers, healthcare, medical equipment manufacturing, manufacturing/automation/industrial, and biotech research. It was found that 82% of the examined VPM webpages posted the data directly on the company’s website, while the remaining 18% used PDF uploads. PDFs were primarily used for larger patent and product portfolios, potentially indicating a cautious approach to relying on IT for webpage updates or a desire to avoid additional administrative work.
Introducing Markr: Streamlining VPM Compliance
Terrifio offers Markr, a legal technology solution that streamlines VPM compliance by simplifying setup, ongoing administrative tasks, and webpage updates. Markr enables efficient management of patent applications, issued patents, and products while providing intuitive filters and notifications to control the information displayed on VPM webpages. It eliminates the need for IT teams to implement webpage updates, reducing administrative steps and associated risks.
Benefits of Markr and the Importance of VPM Compliance
With Markr, users benefit from a comprehensive audit trail that records export actions, establishing a history of constructive notice. This resource enhances patent valuations during potential sales and strengthens leverage and potential damages payouts in infringement cases. Terrifio emphasizes the pressing need for compliant VPM practices and highlights the potential limitations companies may face without a proper VPM program. Establishing and maintaining credible VPM Notice protocols with tools like Markr ensures clear and up-to-date constructive notice for potential infringers.
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