How to Get a Chemical Patent

How to Get a Chemical Patent

If you’ve come across a breakthrough compound, the first thing you should do is get a chemical patent in Brisbane and other parts of Australia. It allows you to protect your discovery, giving you the rights to ownership and use. It also gives you an opportunity to profit from the substance in the future. If you’re thinking of patenting, here are a few tips that should help.

Think ahead.

The type of patent you should get will depend on what your plans are for the future. Businesses and individuals alike often opt to commercialise their patents in order to make money in the long run. This can be done several ways:

  • You can sell the application to other companies or businesses. In this option, you’re not necessarily selling the formula – you’re just allowing them to use the compound.
  • You can licence the application, thus getting royalty streams from each product sold. This gives you passive income, depending on how many products are sold in the market.
  • You can conceptualise a product that uses your compound. You can then manufacture and sell it yourself.
  • You can take your conceptualised product and outsource manufacturing to a third-party.

Planning commercialisation can be tricky. You should consider the scale of your saleability.

What type do you need?

There are four different patents available in Australia today:

  • Australian Provisional – This variety lasts for a whole year. Whilst it only covers a short amount of time, it is the second cheapest option. This is great for those who are still in the process of research and development.
  • PCT International – This application lasts anywhere from one-and-a-half to two-and-a-half years. It has a wider coverage, as it protects you against theft in 50 countries worldwide. Investors prefer this option as it is more flexible.
  • Australian Standard – This covers you only in Australia but lasts for 20 years.
  • Australian Innovation – This is the most affordable option out of all. It lasts for eight years. Its best for discoveries that are largely based on other ideas, particularly if an existing compound is just used for a new application. It protects you from theft in Australia.

Hire a legal attorney.

Once you have everything in place, the last step is to hire an attorney that specialises in patents. They can give advice on the types of patents that are applicable to your compound. They can also facilitate the filing and finalisation of the paperwork.

Need a chemical patent in Brisbane? Contact Michael Buck IP today!