Harnessing the value in patent citations with PatBase
Given the increasing need for fully global citation analysis for international organisations, the volume and complexity of patent citations make it a difficult area to efficiently navigate, however, with the right tools it is also an exceptionally valuable one. An accurate citation analysis requires calculations that involve the analysis of a very large number of patents where data quality and internationally broad content are paramount. Understanding a large dataset like this can be difficult, and just a few years ago neither the big data analytics tools accessible for most users nor the lack of fully global data collections allowed for it.
Such an analysis requires access to a comprehensive patent database. If your search system does not have the necessary coverage or quality-checked data then you will not trust the results, nor will you trust any analysis performed upon it. The ongoing process of cleaning and preparing patent data is of great significance at Minesoft, and PatBase now hosts 83 full-text collections with bibliographic data from 106 jurisdictions overall. PatBase Analytics V3, which offers built-in analysis on patent citations, allows streamlined access for all users to process this huge amount of data and create stunning visualisations which are ideal for sharing in boardroom environments – even to those without patent know-how!
Exploring citations provides an excellent source of competitive and business intelligence. You can quickly identify players working in a similar technology area, new competitors entering a similar field, potential licensing opportunities and keep an eye on potential infringers in the sea of data. The number of forward citations is also seen by many top analysts as the biggest predictor of patent value as a large number of forward citations is a sign of industry-wide investment in that specific technology area.
Patents for inventions that are more valuable are likely to encourage research and patenting in very similar areas as there is a proven economic incentive for a design-around strategy and picket fencing. The larger the amount of research and patenting focussed on that area, the greater the number of citations to the original patent. With more research and investment, there are generally more inventions and the more inventions there are, the higher the chance of infringement or encroachment. Patent commercialisation activity is often supported by citation analysis as a starting point.
PatBase has some of the most comprehensive citation tools in the information industry and these functionalities are included in all full PatBase subscriptions for no extra fee! For more information about PatBase or any of our web-based patent solutions go to www.minesoft.com.