On June 7th, 2012, Panama deposited its accession to the Patent Cooperation Treaty. The country will officially become the 146th PCT member state as of September 7th, 2012. Congratulations to Panama!
The Patent Cooperation Treaty was signed in 1970 and has since been amended and modified to best serve patent applicants across the globe. It creates several advantages to patent offices and the general public as well. The following is a shortlist of the major benefits the PCT offers:
- Delays (by up to 18 months) the need to make a firm decision on which countries to enter
- Reduces administrative burden on global filing offices by providing an international search report and written opinion
- Cost savings: it can be cheaper than direct filing for multiple countries
- Creates a more efficient and streamlined process for the world’s corporations, universities, and research institutes who are seeking international patent protection
Want more information on the PCT process? Download our e-kit, a handy how-to guide for those looking to pursue international patent protection. And for the most up-to-date information on foreign patent filing, be sure to subscribe to our blog!