Transtasman patent process could save $5000 per invention

A streamlined transtasman process could save thousands of dollars per invention in efficiency and cost reduction.

New Zealand Commerce minister Simon Power and Australian Innovation minister senator Kim Carr today announced a streamlined transtasman patent process that could save thousands of dollars per invention.

The ministers agreed on a plan that would see a single application process for both countries by 2013 and a single patent examination by June 2014.

A single process for both countries would remove duplication, improve efficiency and reduce costs, the release from Mr Power's office said. 

The release also gave an estimate of $2000 to $5000 per invention in savings for the inventor in professional costs.

Mr Power said a single process was sensible since most applications filed in New Zealand were also filed in Australia.  The process removed potential barriers and attempted to create a "seamless" transtasman business environment, he said. 

"This level of patent cooperation is a world first and will give Australian and New Zealand innovators greater confidence when seeking IP protection overseas."

The single patent process is part of several initiatives proposed under the transtasman Single Economic Market.