Introduction:
The term “intellectual property” describes the intangible works produced by the human mind. Intellectual Property brings a whole lot of benefits with itself. Our national and state economies both benefit enormously from it. With the use of IP, a business’s market value may be raised and an idea may be transformed into a valuable asset. When a person has developed/ created a process, product or service, it can be termed as an original invention, and it is in their best interest to get it patented. Patenting one’s invention prevents other competitors from availing profits out of something created by them.
What is a Patent?
A patent is an intellectual property right granted by a sovereign authority to an inventor. This grant gives the inventor, in exchange for a thorough disclosure of the invention, an exclusive right to the patented technique, design, or innovation that, in general, offers a new method of doing something or a new technical solution to a problem.
In theory, the sole authority to stop or prevent others from making use of the patented invention commercially belongs to the patent owner. To put it in another way, patent protection prevents the use, manufacture, distribution, importation, or sale of the innovation for profit without the permission of the patent holder. Moreover, patent protection is the strongest form of intellectual property protection, which grants the owner an exclusive monopoly over any expression or implementation of their protected work for a period of twenty years.
Patent Application:
An inventor has to apply for a patent to seek protection for their invention. Patents are territorial rights. Generally speaking, these exclusive rights are only valid under the laws of the nation or territory where a patent application was made and was approved. For an invention to get patented, the applicant must complete and file a patent application with the Patent Office of their respective country. In India, the Indian Patent Office (IPO) grants Patent Registration for Inventions. One has two options for obtaining international patent protection: either submit a single application under the Patent Cooperation Treaty (PCT) for concurrent protection in all member-countries, or submit individual applications in each nation where protection is desired. Before submitting a patent application, it is preferable for the applicant to run a preliminary patent search to see if the claim would be rejected due to “prior art” (similar prior art to the invention).
Rights Given by a Patent:
A patent guards an invention by barring anyone other than the inventor from exploiting it. Alternatively, it gives the owner the right to decide the terms, for others to use the invention. In addition to that, patent also grants the ability to sue potential infringers and receive financial compensation.
It is not necessary for an inventor to secure a patent in order to put an invention into use, However, it must be kept in mind that once the innovation is made public, there is no longer any protection against others utilising it, and you would not be allowed to do so.
Conclusion:
Although obtaining a patent is challenging, it offers the best protection for a person’s invention. An inventor may file a lawsuit against the infringer if their patented invention is exploited without consent. If the court concurs, it may grant the patent holder costs, attorney’s fees, damages equal to a reasonable royalty, and an injunction; for the infringement of his patent. Patent protection promotes innovation and growth, giving the inventor the sole right to enjoy their invention for a good period of time.