Before Patent Registration
Inventions arising from the creative work of human beings acquire considerable commercial value, in view of the possibility of their use by large sections of the society not only within the country but also in other countries of the world. A patent is one of the very common modes through which scientific inventions having the potential for industrial application are being protected. In India, very few scientific organizations and much fewer industries take adequate measures to protect their inventions. In India, the law relating to patents is contained in the Patents Act, 1970 and now Indian Patents Act is fully compliant with India’s obligations under the TRIPS Agreement of the WTO. The importance of patents has increased tremendously over the last few decades. Every company is creating a strong patent portfolio.
The creative work of the human intellect is secure through several techniques and the main intention for the same is that such insurance is an exact of encouragement for the innovations. Many types of insurance of the innovations have come about including those who are of special interest in industrial growth. Patents being one of them. In layman, the patent is a monopoly grant and it authorized the inventor to control the production and within the limits set by demand, the fee of the patented goods. The fundamental economic and commercial explanation for the patent network is that it acts as a boost to funding in the Industrial innovation. Innovative technology proceeds to the continuance of and grows in nations stock of precious, tradeable and industrial property.
A patent holder also has the eligible to provide a license to another person or entity to utilize the invention in return for fee or royalty. For example, an organization has a patent on a machine but then plan it not to go form manufacture or market that machine. Instead, the organization decides to license the right to manufacture and sold the machines to one or more corporations who will pay fee to the patent holder a certain amount of each sale is known a royalty.
Reasons to get patent registration
A patent holder also has the eligible to provide a license to another person or entity to utilize the invention in return for fee or royalty.
Patent grants monopoly over the product
Patents is intangible assets can be sold into open market
A patent is an official document given to an inventor by the government allowing him to exclude anyone else from commercially exploiting his invention for a limited period which is 20 years at present.
Grant of exclusive privilege to own, use or sell the method or the product patented for a limited period, stimulates new inventions of commercial utility.
Elements of Patentability
- Novelty: Novel invention is one, which has not been disclosed, in the prior art where prior art means everything that has been published, presented or otherwise disclosed to the public on the date of patent (The prior art includes documents in foreign languages disclosed in any format in any country of the world.)
- Inventive step (non-obviousness)
- Inventive step is a feature of an invention that involves technical advance as compared to existing knowledge or having economic significance or both, making the invention non obvious to a person skilled in art
- Industrial applicability (utility)