Are you a LatAm based entrepreneur interested in creating value by developing intellectual property?

To the extent you would like to legally protect an invention by obtaining a patent, it is important to consider what the Patent Cooperation Treaty (PCT) has to offer. The PCT is an agreement signed on June 19, 1970, within the framework of the Paris Convention, which offers an international system that aims to facilitate patent applications in multiple countries, provides support to patent offices in member countries, and also offers a centralized database covering relevant inventions.

Inventors and entrepreneurs that are nationals or residents of a PCT member state may seek protection for an invention simultaneously in all member countries. Currently there are 157 countries that are members of the PCT. With Uruguay’s joining the PCT in 2024, most Latin American countries will be PCT member states, with the exception of Argentina, Venezuela, Paraguay and Bolivia. 

One of the primary advantages of filing a patent application under the PCT is the simplified and centralized process it offers. The PCT allows inventors to submit a single international patent application, which is examined by the International Searching Authority (ISA) who issues a written report (ISR) regarding the patentability of the relevant invention, and is then reviewed on an optional basis by the International Preliminary Examining Authority (IPEA). After obtaining a filing date under the PCT, applicants have up to 30 months to file individual patent applications in specific countries. This time period allows inventors to assess the commercial viability of their invention and adjust their patent strategy before committing to filing separate applications in multiple countries.

In addition to the advantages offered to individual applicants, the PCT serves as a platform for cross-border collaboration, allowing member states to share information and expertise, harmonize patent procedures, and facilitate innovation worldwide.

Although PCT applications do not result in the grant of patents (as that is a prerogative of each member country), a PCT application establishes a filing date in all member states and allows the creation of a standard patent application that is then processed by the selected countries. These benefits include a simplified and centralized process, extended time for decision-making, comprehensive international search reports, and access to a broad network of member countries. By leveraging the PCT, inventors can secure patent rights more efficiently, reduce costs, and foster global cooperation in the field of intellectual property.

If you are a LatAm based inventor or entrepreneur and are interested in learning more about how to file a patent application in multiple countries simultaneously under the Patent Cooperation Treaty, we can help!