The newly amended patent law will come into effect on June 1, 2021. The top changes include:
Increased Patent Term
· Increase in design patent term from 10 to 15 years.
· Invention patents: Provision for patent term extensions and adjustments. The compensation period not to exceed 5 years, total effective patent right period after the new drug is marketed shall not exceed 14 years.
· Up to quintuple damages for intentional patent infringement
· Increase in statutory damages from 1 million to 5 million RMB.
· Increase in the statute of limitations by 50% from 2-3yrs.
· Introduces patent linkage for pharmaceutical patents.
Reduced or Eliminated Annuity Fees
· An open license system where a patentee can “voluntarily declare willingness to license patent. As reward “the annual patent fee paid by the patentee shall be reduced/exempted.”
· The patent rights shall not be abused to harm public interests or the legitimate rights and interests of others.
· Any misuse of patent rights, elimination, or restriction of competition, which constitutes monopolistic behavior, shall be dealt in accordance with Anti-Monopoly Law of the People’s Republic of China.
More to follow…..