What is a Patent?
A patent is an Intellectual Property Right granted for an invention- a product or process that provides a new way of doing something or that offers a new technical solution to a problem. A patent provides protection to patent owners for their inventions, which is granted for a limited period of 20 years. It is an exclusive monopoly right to use the patented invention and stop others from using, making, importing, or selling the same. It is awarded to the inventions which are novel, involve an inventive step, are susceptible to industrial application, and be able to be described and reproduced.
A patent provides incentives to individuals by recognizing their creativity and offering the possibility of material reward for their marketable inventions. These incentives encourage innovation, which in turn enhances the quality of human life.
Advantages of Filing a Patent in India
Once a patent is obtained, it allows individuals to come up with new and useful concepts or ideas. The patent law allows for the trading and licensing of inventions.
Because the patent is country-specific, the patent obtained in India will only be valid within India's borders. To obtain global protection, one must obtain a country-specific patent. The patent system objectively promotes new ideas, ensuring the country's economic prosperity.
Following Entails Benefits of Filing Patent in India:
One gets protection for a set period of 20 years, which allows them to keep infringers and competitors away. With a patent, one has the legal right to restrict anyone from copying, manufacturing, or selling their innovation without their permission. One of the most important advantages of patent registration is that it keeps infringers out of the equation.
A patent if licensed helps to gain royalties for an extended time period, providing a sustainable source of revenue for the business. By gaining royalties from licensed patents, the inventions can also be traded for public welfare.
The awarded patent allows the creator to utilize the innovation for any purpose during the duration of the patent, which in India is 20 years. With the approval of the inventor, anybody other than the creator may use, sell, or modify the existing invention during this duration. Furthermore, in the event of a dispute with the parties in question, the inventor has the sole right to pursue legal action.
Licensing and commercializing patented inventions by the owner in the right way may offer him substantial revenue consistently without bearing expenses of sales and can also offer better ROI.
When an innovation hits the market, society as a whole benefit. Owners obtain an incredible public impression and improve their existing portfolio. It enables society to accomplish something unthinkable.
Patent-protected technology provides revenue that can be used to fund additional research and development (R&D) in the field, boosting the odds of even better innovation becoming accessible in the future.
Why is Patenting Important In India?
A person or an organization with a patented idea has the right to exclude others from manufacturing, trading, retailing, or stealing that idea. This allows owners to sell, exchange, or accredit their licensed ideas to others who might be interested in using them.
Patenting an idea or invention is important as it safeguards inventions, products, designs, processes, etc; to maintain their originality. It is of much more importance to developing countries, as it ceases the rerun of research and improves the performance, viz; human resources and financial resources.
Patenting the invention also helps the owner to reduce the risk of theft of ideas or designs etc. which in turn will benefit the society as a whole, in a way to use the original invention with the right knowledge from the owner's eyes, rather than having access to duplicate and cheap invention that may enable fraud and cheating in original inventors name.
Patenting an invention is also important as creates higher profit margins at the owner's end and encouragement with societal benefit at the public end. It also creates affair share in market expansion, for developing countries like India, it is very necessary to have inventions, products, etc patented.
Conclusion
The invention if not patented can be easily counterfeited by defaulters, resulting in monetary gains for them. Therefore, it can be concluded that if an investor wishes to obtain a patent, he must have knowledge of the benefits of patent registration as well as the drawbacks, market situation, and rivals. The innovator must take steps with caution and keep track of deadlines, as well as keep track of patent standards and associated documents. Although patenting is an expensive process, the benefit of having something in your possession for a certain period of time is worthwhile.
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