I’ve spent a lot of time reading patents in my career. I’ve certainly read in the high hundreds, and possibly into the thousands. They are a big part of the work of the cosmetic chemist. I’ve only got one patent myself, though I’ve worked on several projects where going for a patent was one of the objectives. But with patents quality stands for a lot more than quantity, and getting a lot of patents makes a lot more sense for some companies than others.
It’s difficult to determine which company files the most patents in the personal care industry, as there are many companies operating in this sector and patent applications are constantly being filed and granted. Some of the largest companies in the personal care industry include Procter & Gamble, Unilever, L’Oreal, Johnson & Johnson, and Colgate-Palmolive. These companies are known for their extensive research and development efforts, and are likely to file over a thousand patents in a typical year.
However, it’s worth noting that the number of patents filed doesn’t necessarily correlate with the success or innovation of a company’s products. Let’s look into why.
What is a patent?
Patents are exclusive intellectual property rights granted by governments to inventors for a limited period of time, typically for 20 years. Patents are the legal recognition of an inventor’s intellectual property rights and allow inventors to prevent others from commercially exploiting their inventions without permission.
A leading expert in the field prefaced his book on the subject with the statement that the patent is the Rolls Royce of intellectual property. When it was published he instantly heard from lawyers acting on behalf of Rolls Royce who objected to this use of their intellectual property.
It may not be entirely accurate to call a patent the “Rolls Royce” of intellectual property, as there are other forms of such as trademarks, copyrights, and trade secrets that can also be valuable and important for businesses and individuals.
However, patents are certainly one of the most well-known and widely used forms of intellectual property – and certainly the most prestiguous. Patents provide legal protection that can be particularly valuable for businesses that invest heavily in research and development as it allows them to protect their inventions and gain a competitive advantage in the marketplace.
So while a patent may not be the only form of intellectual property, it is certainly a valuable tool for protecting and monetizing technical innovations, and can be an important asset for many businesses and inventors.
What is the most valuable patent granted in the personal care industry?
It’s difficult to determine the most valuable patent granted in the personal care industry. Value is subjective and depends on many factors such as the market, the level of competition, and the specific technology or innovation covered by the patent. Additionally, personal care is a broad and diverse industry, encompassing a wide range of products and technologies.
That being said, there have been many valuable patents granted in the personal care industry over the years.
One example is the patent for Latisse, an eyelash growth treatment developed by Allergan. The patent, which was granted in 2001 and expired in 2021, covered the use of the drug Bimatoprost to promote eyelash growth. Latisse became a popular and highly profitable product for Allergan, generating billions of dollars in sales over the course of its patent life.
Overall, the most valuable patents in the personal care industry are likely to be those that cover innovative new products or technologies that meet a significant market need and can generate substantial sales and profits for their owners.
How difficult is it to get a patent?
Obtaining a patent can be a lengthy and complex process, involving extensive research and preparation of detailed patent applications. A patent can be granted only when a patent application meets the specific legal requirements established by the relevant patent office. This includes demonstrating that the invention is both novel and non-obvious and can be used for a specific purpose.
Additionally, the patent application must include detailed drawings and a written description of the invention that is clear and enabled for someone skilled in the field. Securing a patent also requires shelling out a reasonable amount of cash. The patent fees themselves are fairly modest, but you need to hire in fair bit of technical and legal expertise. You need to make sure your patent is defendable, something which only experience can be any guide to. This is definitely not one of those jobs you can do just as well yourself. You can probably get the patent granted, but it might not be much use.
Reasons Not To Patent Your Idea
- Cost: It can be costly to obtain a patent. In addition to the patent application itself, fees are due to the patent office at different stages of the patent process, and legal advice will be necessary to help with the application process.
- Lengthy Process: The patent process can be lengthy and complex. It can take more than two years to obtain a patent, and the process can involve multiple levels of review and back-and-forth with patent examiners .
- Risk of Non-Approval: There is no guarantee that a patent application will be approved. Patent applications are often rejected, due to prior art (similar inventions already known to exist) or issues related to patentability (inventions that are not novel or useful). Even companies that file regularly have around half their ideas rejected. (The number of actual submissions rejected is higher – it can take several attempts to get through.)
- No Protection Against Copying: Even if you obtain a patent, it doesn’t necessarily mean that your invention is protected against copying. Other inventors may be able to make minor modifications to your invention to avoid infringing on your patent and still make a similar product. And some will simply ignore your rights. You need deep pockets to defend your idea.
Reasons to get a patent
Exclusivity: When a patent is approved, it gives the patent holder exclusive rights to produce and market the invention for up to 20 years. This prevents other companies from copying or making their own version of the product, which can give you a much-needed competitive advantage in the market
Validation: Obtaining a patent is a badge of honor and can be used to convince potential investors or partners that your invention is unique and valuable
Investment: Getting funding for your invention is much easier when it is patented.
Revenue: A monopoly of a good idea is definitely a way of making good profits.
Special considerations for patenting in personal care industry
The personal care industry has unique patenting considerations that are important to be aware of when seeking a patent
The most important factor to consider is the scope of the patent, which limits the types of products that the patent covers. Patents for the personal care industry will typically cover all similar products, so it is important to choose the scope of the patent carefully
Another important consideration is the duration of the patent term. Personal care products have relatively short life cycles and must be updated regularly, so a patent should be filed with speed. This isn’t something the patent system is well suited to, and this will be reflected in your legal bills.
How to use patents to generate income from personal care products
- Leveraging Licensing Agreements: Patent licensing: Patents can be licensed to other companies for use in their products or services. This can be a source of revenue for the patent holder, and can also help to establish partnerships and collaborations between companies.
- Strategic Investment: Patents can be used as a strategic investment tool. Companies can use the patents to either protect the value of their product or to strengthen their market dominance. (This is a polite way of saying big companies use them to keep smaller competitors out.)
- Defensive Posturing: Patents can be used as a defensive tool to stop other companies patenting things you might yourself want to use. Companies may use patents not only to protect their own products and services, but also to deter competitors from suing them for patent infringement. This involves filing patents on a wide range of technologies, even those that the company may not have any plans to develop or commercialise.
- Patent pools: Patent pools are agreements between multiple companies to share their patents and make them available to each other. This can reduce the risk of patent infringement lawsuits and encourage innovation and collaboration.
- Open source patents: Some companies have released their patents under open source licenses, making them available to the public for free use and modification. This can help to promote innovation and advance the state of the art in a particular field.
- Patent trading: Companies and individuals can also make money by buying and selling patents, either through direct sales or through patent auctions. This can be a way to sell unused or unneeded patents, or to acquire patents that are relevant to the buyer’s business.
So patenting opens up a lot of potential benefits quite apart from the obvious one of profiting from a monopoly. But it does require a lot of skill and imagination, and is a lot easier if you have plenty of money to play with in the first place. Given all this, it’s not surprising that most activity in the patent area is by well funded and established corporates. The idea of a lone inventor taking his idea to the patent office and coming back an overnight millionaire is a bit of a romantic dream.
But it isn’t totally impossible – with a bit of imagination and a good understanding of what you are up against you might just pull it off.