Patents are an important part of entrepreneurship; filing a patent is one of the best ways to protect your intellectual property and prevent it from being used by others.
To patent your skincare formula, it is vital that you apply for the right type of patent. Even the innovative and newly launched skincare products are created from already-known compounds. This is why you will apply for a formulation patent.
Filing a Formulation Patent for Your Skincare Formula
A formulation patent sometimes referred to as composition patent, safeguards formulae made of already known chemicals and substances. Before moving forward with the filing process, make sure your formula is
- Completely original
- Not already in the use of someone else
- Not patented before by someone else
If the conditions mentioned above are fulfilled and you can practically show the product fulfill its purpose, you’re most likely to get the desired patent without any issues.
However, if your formula is derived from newly discovered compounds or substances, you will apply for a new molecule patent instead. This, in contrast to a formulation patent, protects newly found chemicals. This is rather uncommon since most cosmetic formulas are created from commonly known substances.
Moreover, to file a patent for your formulae, it is recommended that you hire an attorney to do the job for you. Hire someone who’s got experience in filing patents ideally for the same industry as your product. Lawyers can charge up to $15,000 to file a patent on your behalf; this number can of course be lower if the case is simple.
In case you think hiring a lawyer may be too expensive for your budget, you can consult with the patent agents licensed by the patent’s office of every country.
Benefits of Getting a Patent for Your Skincare Formula
The owner of the patent is granted the authority to license the formula to others. Furthermore, it lets competitors know that this specific formula already exists and is patented and hence, cannot be used without prior permission.
You can also decide to get a design patent filed; this will make sure the design and appearance of your product aren’t ripped off by a low-class competitor.
Moreover, when you market your product as “patented” or “patent pending”, it gives the people assurance that your product is something new and must be tried. The customers will try out your product once for sure, and if they like it, they’ll turn into loyal consumers.
Challenges of Getting a Formulation Patent for Your Skincare Product
For cosmetic companies, it can be especially challenging as they face the issue of showing too many details of the formula which may then be stolen by someone else. You need to use the real names of the chemicals as well.
Nevertheless, it is to be noted that the patent stands only in the country in which it was granted. For example, a patent granted in Sweden does not protect the owner of the patent from someone using the same formula in Norway, unless the patent holder has a patent in Norway as well.
By now, you should know the main factors to look out for to get a patent for your skincare formula. Though every country has its own rules, this article listed some of the most basic and common steps you need to take to ensure successful patent filing.