India becomes Patent services outsourcing hub
Since a few years, India is becoming the preferred destination for Patent services outsourcing, the high value work of legal process outsourcing (LPO).
According to estimates last year, more than 1.8 million patent applications were filed worldwide with the filing costs between $30 billion to $32 billion.
The reasons for growth in the worldwide patent outsourcing market is, an increase in off shoring of R&D activity, lack of manpower and the impact of the US Patent Reform Act of 2007.
A study by ValueNotes, a Pune-based research firm shows, revenues from the Indian patent services off shoring industry are estimated at $46 million for 2007. It’s expected to reach $206 million by end 2012. The study reveals the current addressable value of the patent services off shoring market is estimated at $2.2 billion.