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LexisNexis PatentSight is a scoring system that takes a highly scientific approach to analyzing patent data in conjunction with a variety of other datasets. Its capabilities and features work to give you a more informed, highly accurate assessment of an intellectual property (IP) portfolio’s strengths and weaknesses. Here’s a quick overview of how that’s possible.
The patents that make up a company’s intellectual property (IP) portfolio are dynamic, which means traditional scoring methodologies become ensnared in a complex web of crisscrossing corporate hierarches and all kinds of muddled documentation. The ownership of a patent can go undeciphered. Data trails go cold. The score is no longer a true gauge of a patent’s value. And you risk only seeing a fraction of the story behind a patent and its potential.
PatentSight, on the other hand, takes advantage of the Patent Asset Index™ methodology. This methodology uses a myriad of nuanced KPIs and relies on broader volumes of data for a more accurate view of the aggregate strength of an IP portfolio. This particular methodology has also been scientifically evaluated and validated in its ability to deliver an objective, transparent, and empirical strength score. You can learn more about the Patent Asset Index here, but we’ll cover some key highlights below.
The Patent Asset Index measures the strength of each individual patent within a given portfolio. This measure of strength is called a patent’s Competitive Impact and consists of two variables: Technology Relevance™ and Market Coverage™.
The Technology Relevance component of a patent’s value is based on forward citations. For example, if a patent is of significance for the technical development in a given field, then subsequent patents will build on it, which in turns means that patent offices will frequently cite the originating patent as prior art. The more a patent is cited, the greater its Technology Relevance.
Market Coverage indicates the size of the global market protected by a patent family. If the patent rights cover more international markets, then the invention has a higher business value compared to one with patent rights in only a few select markets.
The Patent Asset Index takes both Market Coverage and Technology Relevance into consideration when determining the Competitive Impact (i.e., the economic value) of a patent.
Ultimately, while the Competitive Impact measures the individual strength of a patent family, the Patent Asset Index uses multiple Competitive Impact assessments to determine the net innovative strength of a company or patent portfolio.
PatentSight combines the Patent Asset Index together with dataset features into a single tool, so that your Strengths, Weaknesses, Opportunities, and Risks (SWOT) analyzes and other IP portfolio assessments benefit from:
The patent data in PatentSight is derived from patent office databases around the world, such as the European Patent Office and the U.S. Patent Office. This wealth of patent data consists of over 100 million patent documents and is combined with datasets from an unmatched collection of other content sources.
PatentSight includes patent portfolios of private and stock-listed companies.
You can use PatentSight to track patent data all the way back to the early 1990s.
As you track a patent, you can see its information and ultimate ownership at a specific point in time.
Our patent datasets are updated every week, and you can choose to have patent data delivered weekly, monthly, quarterly, or annually.
Publicly listed companies are mapped to financial identifiers.
Whatever format or method you need your data to be delivered in—API, FTP, or anything else—PatentSight can provide data formatted to meet your preferences.
You can choose to have either patent-level data or data aggregated on a company level delivered via PatentSight.
Now that you’ve been introduced to PatentSight, you’re ready to learn the specifics behind what makes PatentSight beneficial to your IP portfolio analyses—whether you’re conducting assessments for R&D strategy, competitive intelligence, risk, or anything else. Learn more here.