One of the big issues in doing business in Brazil is the amount of time it takes to obtain patent protection.
In order to solve this issue, the Brazilian Patent and Trademark Office announced three new fast-track options for patent applications.
Keep reading to discover the patent measures Brazil implemented and what this will mean for businesses in Brazil.
Brazil’s Patent Fast Track Purpose
Brazil initiated this patent fast track plan in 2019 to tackle the patent pile up. Its goal is to reduce the number of patent applications for both current and future applications.
Before the fast track patent examination, the decision timeframe typically took five years after the request was made.
By 2021, the assumption is that the patent examination timeframe will decrease to 4.5 years. Even though this is good news, that is still a long time to wait.
This is why the fast-track options were made.
Benefits of the New Patent Plan
The two main objectives of these options were to encourage creativity and promote innovation. But, that’s not all! The plan also seeks to accelerate the process and allow applicants to have their application decided in a shorter period of time.
And Good News! They have!
By the middle of 2020, the average time for a decision on fast track applications was only 13 months!
Since these fast track options are doing so well, they implemented 3 new ones.
The New Brazil Patent Fast Track Options
These are the three new fast track options that were implemented on September 1 of this year. With these three new routes, Brazil now offers more than a dozen patent fast-track options.
The first fast track option is for “technologies already available in the Brazilian market.”
A technology is considered already “available in the market” when part of the claimed subject in Brazil is already:
- On sale
This patent fast track option is to help those applicants that are in the likelihood of violators.
This next option is for local startups.
To be applicable, the applicant must meet the state law definition of a startup and present a certificate that is given by local authorities.
The state law definition of a startup is “an innovative company that aims to improve systems, methods or business models, either incrementally or in a disruptive fashion.”
Finally, the third option is for “technology resulting from public funding.”
The claimed subject matter must result fully from Brazilian public entities with the motivation to develop the technology.
Business in Brazil Forecast
Here’s the good news: these patent fast track options mean that there will be an uprising of business in brazil.
Specifically, innovation and startups will climb an upward slope and help the recession that Brazil is currently in due to the Covid-19 pandemic.
Furthermore, this is good news for innovators and entrepreneurs looking to jumpstart their business or product soon.
If you are trying to set up business in Brazil, then you are on the right track.
Enter the Brazil Market with Colibri
Here at Colibri, we are experts in the Latin American market, especially Brazil.
Looking to bring something innovative into the Brazilian market? Contact us at Colibri today!