A patent is a restricted right given for an invention. To obtain a patent for your brand or any other invention, you must disclose technical information concerning the invention to the general public through a patent application.
Rights that a Patent Provides?
When you obtain patent rights, you will have exclusive rights to choose who may not-or may-make use of the invention for a certain period of time. Consequently, the invention cannot and will not be commercially exploited, made, sold, used, imported or distributed without your express consent.
How Long does the Protection Last?
Generally, the protection is provided for a limited time period, usually twenty years from the date when the right is granted.
Is it valid in all Countries?
It is important to note that patent protection is a territorial right. The exclusive right can only apply in the country where it has been granted, according to the country’s law.
How are the Rights Implemented?
Courts of law are usually charged with the responsibility of enforcing patent rights upon request by the rights’ owners.
In most legal jurisdictions, courts of law are authorized to stop infringement of patent rights.
However, the patent owner is mainly responsible for monitoring, identifying and taking the requisite action against an infringer.
What conditions must I meet in Order to Acquire Patent Protection?
- The invention must have novelty. It must have some new characteristic that is unknown.
- It must involve a step that is not obvious or non- inventive, that is, a step that could not be deduced by someone with ordinary or no skills in that field.
- The invention must have industrial applicability. In other words, it must have the capacity of being applied for a business or industrial objective that is beyond mere theory.
- The invention’s subject matter should be acceptable under the law that covers patents. It may be impossible to obtain patent rights for a scientific theory, aesthetic creation, plant or animal variety, mathematical method or discovery of a natural substance, computer program, commercial method and/or technique of medical treatment.
- Exclusive Rights: It will give you the exclusive right of stopping or preventing others from exploiting your invention for many years.
- Positive Image for the Business: People with an interest in the business (like partners, shareholders, employees, and investors) usually consider patent portfolios as clear demonstration of your company’s high level of technological capacity, expertise, and specialization.
- Return on Investment :Given that you have invested a significant amount of resources in developing the innovative product, exclusive patent rights will enable you to claim your rightful position in the market as the finest player. As a result, your investment will yield higher returns.
- Enhanced Negotiating Power :When your company is obtaining rights to make use of patents acquired by another company through a licensing contract, the patent portfolio in your possession will substantially increase your bargaining power.
- Opportunity of Selling or Licensing the Invention: :If you are not particularly interested in exploiting the patent, you have the liberty of licensing or selling the patented invention’s commercialization to another company, and this can be a valuable source of income.