Use cases – Patent & IP
Patent & IP
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CONTEXT
A state-of-the-art medical technology company called Med-IJK Innovations had created a novel medical device called the “HealthDevX Pro.” With its exclusive and patented technology, the device had the potential to greatly enhance patient monitoring and healthcare results.
The business made the decision to seek a patent for this invention in order to safeguard its intellectual property and gain a market edge.
Protecting the exclusive technology and inventions created by Med-IJK Innovations was the main reason for submitting a patent application for the HealthDevX Pro.
A similar device could not be made, sold, or used without permission thanks to this patent, which would give the company exclusive rights.
It would also allow the business to investigate possible joint ventures, licensing contracts, and commercialization prospects.
Members of Med-IJK Innovations‘ legal team would draft the patent application. After completion, the application would be sent to the appropriate patent office, along with the required paperwork and fees. After that, patent examiners would review the application to assess its patentability.
CHALLENGE
In order to manage the project’s budget and facilitate direct participation by all legal teams and patent examiners, an all-inclusive, user-friendly tool would need to include a bookkeeping module.
And, this would eliminate the need for an extensive training process.
It was also necessary to be able to exchange image and video files in addition to legal text-based documents.
This entire document exchange process would require a secure setting, and the system would also require cloud storage space.
It would also be necessary to divide the project into different phases, and since there might be a lot of follow-up phases, it would be important to be able to search for assets fast, ideally with the help of AI predictive search.
OUTCOME
The SaaS-based, artificial intelligence (AI)-driven Ya-Hub platform was an integrated tool that met every requirement.
Ya-Hub‘s integrated bookkeeping module made it possible for Med-IJK Innovations to maintain an orderly and transparent expenditure log as they proceeded with the patenting process.
All legal collaborators (and patent examiners thereafter in the process) were able to quickly become proficient with the tool thanks to the platform’s user-friendly, customer-centric interface. Ya-Hub also allowed users to share files via its secure live chat, including Word, Excel, PowerPoint, TXT, and CSV files. Users could also share patent-related images and videos, and usage limits could be adjusted to suit their needs.
Not to mention, the AI predictive search feature of the Search module allowed users to quickly locate a variety of assets that were shared via the secure live chat and saved in their Ya-Hub cloud space, saving them a ton of time throughout the project.
Now, Med-IJK Innovations sought to secure exclusive rights to the technology, safeguard its intellectual property, and gain a competitive edge in the medical device industry by successfully obtaining a patent for the HealthDevX Pro.
With this patent, the business would be able to investigate a range of commercialization strategies, such as partnerships, manufacturing, and licensing, which would ultimately improve patient outcomes and healthcare delivery.
Finally, the patent process moved along smoothly thanks to the Ya-Hub platform, and Med-IJK Innovations was eventually able to offer the HealthDevX Pro to the market with a substantial competitive advantage and competition protection.