What is a patent? Is getting a patent beneficial? These are some common questions that can commence hovering over the mind of inventors when they come up with new inventions and attempt to relate them to patenting. A patent is one of the most exclusive Intellectual Property Rights (IPR) granted to an inventor by his country’s government for his unique invention. It empowers the inventor to prevent others from copying, modifying, trading, or importing the invention without his consent. The patent protection continues throughout its lifespan, which is country-specific. In India, the tenure of a patent lasts for 20 years right from the date of filing. It is vital to note that after this duration, anyone can use the invention. The granted patent can bestow the applicant with an umbrella full of benefits.
How is the patent registration in India beneficial?
Patent Law inspires people to come up with more and more ideas as once the patent is granted; the inventor becomes the only owner of his invention. The patent rights being different from other types of Intellectual Property (IP), can be bought, sold, or licensed. As these rights are territorial bound, one country’s patent provides the rights applicable within that nation only. For instance, the patent granted in India gives the owner rights that help in avoiding infringement issues by preventing unauthorized users from importing or using the same ideas within Indian Territory. Apart from inventors, the patent system leads to the growth of the nation’s economy by benefitting the public with affordable services.
After obtaining a patent, the owner can grab a lot of advantages. Let’s go through some of them.
- Provides exclusive access to all rights even at early filing
The benefits start serving the inventor from the first step of patent registration means the time when he applies for the patent. As soon as the applicant files the Provisional Patent Application, he will get the security and surety that no one else could claim the same invention, exclusively within 12 months. If any other person or company files a similar Patent Application, the request will get rejected for the filing period.
- Authorizes complete freedom of reforms
The granted patent entitles the inventors to do anything with their ideas for the valid duration, which is 20 years in India. Within this period, no one can use, sell, or modify the original invention without the owner’s consent. Moreover, the inventor owns all the rights to sue the unauthorized user for using his ideas as such usage leads to patent infringement, which is a criminal offense.
- Generates ROI (Return on Investment)
If the owner feels that his invention is not offering the expected results, and wants to hand it over to any successful or deserving person, he can easily do so. The patent rights allow him to commercialize the invention while earning a good amount of returns on his investments.
- Gives a good market status
The patent law permits the inventor to obtain a remarkable public impression and improve his portfolio by disclosing the invention in the public domain. It further aids him in building up his reputation in the market and a good relationship with competitors and consumers. All these factors will ultimately upsurge his profits.
- Allows public disclosure
Patent rights enable the inventor to go for public disclosure that not just builds his portfolio but also increases the company’s funds, business partners, and market value. Sharing information publicly regarding the invention will demonstrate the good command and specialization of the inventor over the technical subject-matter. It will benefit the owner by attracting high-end and leading investors, business partners, shareholders, and consumers.
Why is getting patent for an invention crucial?
If the owners do not get their invention patented, then others can steal their ideas, and obtain all the above-given advantages. After going through the information provided above, one can conclude that if an inventor tries to get a patent, he should have enough knowledge about various things, like the IP industry, market scenarios, patent laws, and competitors. The inventor needs to move step by step and remember the deadlines, along with constantly keeping tracks of patent legal standards as well as required documents. However, getting a patent appears a bit tough job but earning something in your name for a certain period is worthy. For more visit: https://www.trademarkmaldives.com
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