How are we going to find right market in India?

Perhaps one of the most elementary things in securing intellectual property, for an innovative culture, is a patent. Unlocking many options for an inventor or a business house in India while selling or licensing patents, here’s how to find the Right Market for patent in India: you do not stand alone in the confusion or misunderstanding. It involves a strategic approach to getting maximum returns. This will guide you through the essential procedures for the proper market in India and will thereafter give you information on how you can successfully carry out the sale of your patent. Know about Patent Selling. Before telling how to find the right market in India for patent selling, first, let me tell you about what patent selling is Patent is that exclusive right conferred by the government of a country or an inventor concerned with an invention. That gives you all the rights for selling, licensing, or even assigning the patent to others. Patent selling is very lucrative, but selling a patent will be the most lucrative if the right market is found for your invention. India is one such country witnessing fast-paced developments in innovation and technology. Well, this gives full scope for the commercialization of patents on varied sectors like healthcare industries, technology sectors, and manufacturing companies. However, it does not have a proper strategy for identifying the right market for your patent. Here is how you begin.

Steps to find the Right Market in India

Step 1. Industries and Sectors for Patent Opportunity

First of all, to determine what is the best Indian market one can sell through his or her patent, one should estimate what a particular industry could be for the patent of a person. Indian markets possess different characteristics, presenting several fields; the opportunity for exploiting one’s patent may lie in any one of them. Among those are:

• Technology and IT: As India is turning out to be a world hub for technology and software, patent opportunities are highly prevalent in the IT industry. Right from mobile applications to algorithms in software and many more, patents in tech are highly rewarding.
• Pharmaceuticals and Health Care: The pharmaceutical industry is the largest in the world. Anything to do with pharmaceuticals, drugs, medical devices, or health care will surely unlock a huge deal for such a field.
• Automotive and Manufacturing: This business of automobiles is growing very fast in India. Manufacturers have invested a lot recently in the field of patents, and if there are electric cars or manufactured products, the market of these products in Indian is superb for patents.
• Consumer Goods: Patents related to household appliances or food packaging are also of significant commercial value. Increasingly larger Indian companies are always seeking innovation that could make their operations more efficient or add to the experience of customers.

Step 2. Potential Buyers or Licensees

Now, after knowing which sectors your patent would be of use to, it is the time to know about identification of the potential buyer or licensee in how to find the right market for patent selling in India. These are some methods of identification of the right parties:

• Multinationals Approach the multinational companies of your industry: They may feel it useful for buying your patent as it will accomplish their business goals. In fact, most of the Indian companies have R&D wings that search for new patents for licensing.
• Patent brokers or agents: A patent broker who does not understand the market well will connect you with the target buyer. Chances are the patent broker knows of some other companies or individuals that might purchase the patents of your company.
• Indian Startups: Indian start-ups are booming with a zeal to file patents to innovate new features for their products and gain a distinct edge. Of course, fintech, healthtech, and greentech top the list.
• Online Patent Marketplaces: Websites like InnoCentive and IdeaConnection can be leveraged to promote your patents in the global marketplace, including buyers based in India.

Read Also: Navigating Patent Acquisition: Essential Factors for Success

Step 3. Estimating the demand and price in the marketplace

First and foremost, finding the right market for your patent would be determining the demand for your patent and pricing it in a suitable manner. The price for the selling of patents in India usually has to be negotiated and depends on several factors such as:

• What is unique in your invention
• What is your market demand within your field of operation
• Chance of commercialization
• Patent exclusivity-if somebody has already patented it.

Seek patent appraisers who quote the value of your patent and also the best ways to sell or license the patent. Professional patent appraisers from their field of specialization suggest an appropriate selling price based on the prevailing market conditions.

Step 4. Legal Considerations and Due Diligence 

All of these must be addressed before getting into any deal as your patent shall be an asset that needs proper documentation and legal protection. It is very important to ensure all your paperwork is in order, which includes patent registration details, patentability reports, and prior art searches. Further, while finding the right market for your patent selling in India, it would be advisable to:

•  Engage a patent attorney to draft the contract and agreement with licensees and/or buyers
• Verify the legitimacy of the licensees or and buyers in the due diligence process
• Understand the implications of the royalty rate and about the licensing agreements.

Step 5. Negotiation and Conclusion

Once you have identified the right buyer or licensee, negotiation is the final step. It should be a good deal if you sell the patent outright or if it’s licensable for a certain number of years. The terms of payment, either one lump sum or as royalties, and that your intellectual property rights be agreed upon as well.

Read Also: Patent Monetization Fundamentals: Must Know Before Monetizing Your Patent

Conclusion

The right market for selling patents in India needs a strategic approach from the appropriate sector to the buyers, all the way up to the patent valuation process and legal protection. From being a booming, unorganized economy to the most diversified industries today, India presents great opportunities for owners. Following these steps and consulting with experts can really help one negotiate more effectively when selling patents to enhance returns. Whether it is a large corporation, a startup, or an online marketplace, India has vast potential for innovation and commercialization.