What is Prior Art?
Prior art provides you evidence that your invention is already known. It is not necessary that Prior art must exist physically or be commercially available. It is enough that someone has previously described the invention or shown or made something that contains a use of technology that is very similar to your invention.
It is not necessary that all industry segments, verticals look for evidence if such invention existed earlier. For example - BioTech companies conduct thorough prior art search; while semiconductor companies avoid it, for the apprehension of potential patent infringements / lawsuits down the line.
Why conduct a Prior Art search?
Prior art search is usually conducted before drafting and filing of a patent. There are many advantages, both financial and strategic, in conducting prior art search ahead of drafting patent application. It ensures that off the millions of patents that exist out there, is your invention unique and stands out and does not closely resemble anything that may have existed. If it does, then the invention is obvious and therefore not patentable. So, at a small cost you are eliminating the potential risks of getting your patent application rejected on the count of being "obvious".
Also, knowing the scope and content of the prior art ahead of time ensures in providing better clarity to your claims, thereby providing you increased chances of getting broader patent protection. During the draft of patent application - you can ensure that your claims don't potentially infringe into others claims, avoiding you the trouble of litigating down the line, and in the process saving you time & money.
Benefits
Key benefits of doing a prior art search include:
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Generate ideas for R&D
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Avoid duplication of research efforts
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Reduce R&D investment significantly
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Develop new technical solutions to problems
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Evaluate any specific technology or technologies
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Identify technological trends
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Monitor competitor’s research activities
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Potentially prevent infringement actions (validity etc.)
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Plan for new products
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Identify state-of-art of technology
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Find the legal status of patent applications
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Assess Novelty and Patentability