New patent law reduces cost for inventors
The cost of a European patent is set be dramatically reduced thanks to the affect of new legislation.
The London Agreement, which comes into force on May 1st 2008, will allow inventions to be protected in more than 30 European countries in a single application, halving the cost of a continental patent.
Baroness Morgan, minister for intellectual property, revealed that the new laws would make it both easier and more cost effective to protect ideas.
"The London Agreement will greatly reduce the cost of patenting in Europe. Innovative UK companies will find it easier to protect their ideas, and market new inventions, benefiting consumers and the economy alike," she said.
Inventors currently have to pay for patents to be translated into foreign languages, adding hundreds of pounds to their cost.
Meanwhile, the EU has revealed that it has made a range of changes over the past two years helping it to cut red tape by around five per cent.
The changes will save EU businesses both time and money on legal advice.
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