What is the patent? How patent benefits the owner? There are some typical queries that hover over the mind of inventors after completing their inventions. A patent is a form of IPR (Intellectual Property Rights) conferred to the inventor for his invention. It offers exclusive rights to the inventor to stop others from imitating or trading the invention without his consent. The patent protection is country-specific and serves a lifetime of 20 years. It’s worth noting that after the completion of this timeline, inventions become publically accessible. The granted patent can offer the applicant host of productive benefits to the inventor. In this blog, we would dive into some viable benefits of the patent registration.
What is the Beneficial Aspect of Patent Registration in India?
Patent laws empower individuals to come up with unique and productive concepts or ideas once the patent is granted. The trading and licensing of an invention are permitted under the patent law.
Since the Patent is country-specific, the patent granted in India will hold its relevance within the Indian Territory only. To avail the global protection, one has to avail country-wise patent. The patent system objectively advocates the new ideas, which in turn ensure the country’s growth.
The given section entails the possible benefits of the patent registration that helps the owner to grow consistently over the course of time.
Ensure Complete Protection against Infringement
A patent renders you the legal right to prevent others from counterfeiting, manufacturing, or selling the invention without your consent. You get the protection for a limited timeline (20 years to be exact), allowing you to keep the infringers and the competitors at the bay. Keeping the infringers out of the equation is perhaps the one of the most vital benefits of the patent registration.
Patented Invention is Tradable
Alternatively, you can license the patent to gain royalties for an extended timeline. This can provide a sustainable source of revenue for your business. Some businesses work on the same principle, i.e., gaining royalties from licensed patents, perhaps in combination with registered trademark and design. Out of all the benefits of the patent registration, this is certainly the most productive one.
Renders Access to All Rights at Early Filing
The first step in patenting is the filing of the provisional patent application. The inventor usually files this application when their invention is in the R&D stage.
After filing this application, the invention gets exclusive 12 months protection from the patent office against any claim raised by other parties. If any individual or firm files an identical patent application, the request will be denied by the authority.
Read our article:Detailed Process of Patent Registration in India
Authorizes Complete Freedom of Reform
The granted patent empowers the inventor to use the invention for any purpose for a valid timeline, i.e., 20 years in India. Within this timeframe, any individual other than the inventor cannot use, sell or modify the existing invention with the consent of the inventor. Furthermore, the inventor has the exclusive right to take advantage of legal proceedings in case of any dispute against the concerned parties.
Limit the Competition
Patenting a design, notion, or product can help a firm in limiting the competition. For instance, suppose there are two rivals- A and B. Both are engaged in the trading of similar widgets. Company B, who invented the widget, applies for & obtains a patent for the same. As per the law, Company A can force Company B to cease production & sales of the product, thereby accessing more market share & weeding out the competition.
Generates Substantial Income and ROI (Return On Investment)
If the owner has reason to believe that his invention may offer better ROI through licensing, then he/she can hand over some rights to a deserving person who is willing to commercialize the invention. This way, the inventor can earn substantial revenue consistently without bearing expenses to triggers the sales.
The exclusivity associated with the patented products & ideas provides the inventor with opportunities to escalate the profit. Not only can the inventor sell the concept or product, but the firm also can license the patented concept or product to other firms & generate stable income.
Improves the Market Presence
The patent law allows the inventor to shares his/her invention in the public domain. With such right at hand, the owner obtains an incredible public impression & improves his existing portfolio. Also, this can help build the reputation of the inventor in the target market. All these factors would lead to improved sales figures.
Permits Public Disclosure
Patent rights permit the inventor to opt for public disclosure for the sake of increasing the company’s funds, market value, and business partners. Sharing the technicality of an invention publicly will manifest the inventor’s good command & specialization in the respective technical field. It will help the owner attracts investors, business partners, stakeholders, and end-users.
The patent system doesn’t aim to attract investors who only have groundbreaking technology. It actually drives the inventor to improve the existing things that affect human life in one way or another. Innovation could be referred to as a groundbreaking improvement of an existing technology meant to serves humans for a specific purpose.
Obtaining a Patent registration is not a small feat as it seeks bleeding edge of technology or something new that adds value to the existing body of knowledge. Invention usually comes into existence while addressing a certain problem. Stimulating the sense of innovation among the enthusiasts is one of the vital benefits of the patent registration.
In the absence of patent registration, the invention can be easily counterfeited by the defaulters, which further can give them monetary benefits. In the light of the above information, it can be concluded that if an inventor strives to get a patent, he must get accustomed to benefits of the patent registration in addition to the downsides, market scenario and competitors.
The inventor needs to step forward cautiously and remember the deadlines, along with continually monitoring tracks of patent standards as well as required documentation. Although patenting is a costly affair, but earning something in your for a specific time frame is worthy.
Read our article:A Complete Outlook on the Patent Registration Documents