What are the Benefits of Patent Registration in India?
In India, Patent is the most popular activity which is granted when any original and new invention is innovated, or any novel, include an inventive move and capable of industrial application. But, it is considered that Patent is only for inventors or scientists or researchers who are not always right to the innovative spirit and creativity are somehow safeguarded in every individual by their experience.
The government granted a Patent for an invention to the inventor, and he or she becomes the Patent’s owner. It provides them with the territorial rights for a restricted period of time other from making, importing, selling or using their invention without permission, or the rights of the Patent owner can only be exchanged within the territory of the owner. Moreover, in return, the owner holding the right discloses all the information of his or her invention in an adequate manner so as to enable an individual skilled in that former art to create the invention. The issued Patent can provide the applicant host of creative benefits to the Patent’s owner. Scroll down to check more information regarding the benefits of Patent Registration in India.
What is the Meaning of Patent?
Before we get into the benefits of Patent Registration, let us first understand the meaning of Patent. A Patent is an Intellectual Property Right (IPR) that is granted for an invention to the owner of the Patent. The invention can be a process or a new product, or a new way of doing something or provides a new technical solution to a problem.
To get a Patent, technical details about the invention should be revealed to the general public in an application of a Patent. The Patentee may give permission or license, other person or parties to use the invention on jointly decided terms. The Patent owner may also sell their Patent rights to someone else, who will then become the new patent owner. Once a Patent expires, the protection will also end, and the invention will automatically come under the public domains, i.e. anyone can commercially exploit the invention without violating the Patent.
Primary Benefits of Patent Registration in India
Patent laws allow persons to come up with innovative and unique ideas/thoughts or concepts once the Patent is granted. The licensing and trading of a unique invention are allowed under the Patent Law.
Since the Patent is country-specific, the Patent granted in India will hold its importance with the Indian boundary only. To avail the worldwide protection, one has to avail nation-wise Patent. The Patent system accurately advocates the new and original ideas, which in turn make sure the growth of the nation.
The given section requires the possible benefits of Patent Registration that assists the Patent owner to grow constantly over the period of time. You can check all the benefits of Patent Registration below:
- Ensure Full Protection against Violation: A Patent extracts the owner the legal right to prevent others from selling, copying, or manufacturing the invention without proper permission from the Patent owner. The owner gets the protection for a restricted timeline of 20 years, permitting the owner to keep the competitors and the infringers at the bay. Keeping the violators or infringers out of the equality is possibly one of the most crucial benefits of Patent Registration.
- Limit the Competition: Patenting a product, design, or notion can help a company in limiting the competition or rivalry. For example, if there are two competitors X and Y, both are involved in the trading of the same widgets. Company Y, who invented the widget, applies for and obtains a Patent for the same. According to the Patent Law, X can force Y Company to cease sale and production of the product, by this means accessing more market share and clearing out the competition.
- Allows Public Disclosure: The law allows the inventor to choose for public disclosure for increasing the company’s market value, funds, and business partners. Sharing the technology of an invention in public will manifest the good command and specialization of the inventor in the particular technology sector. It will aid the Patent owner attracts business partners, investors, stakeholders, and end-users.
- Patented Invention is Tradable: On the other hand, the owner can license the Patent to increase the royalties for an extended timeline. This can offer a supportable source of revenue for the business. Some businesses follow the same principle that is increasing the royalties from licensing the Patents, perhaps in grouping with registered Trademark and design. Out of all the benefits of Patent Registration, this is definitely the most productive one.
- Encouraging Innovation: The Patent doesn’t target to attract inventors who only have revolutionary technology. It actually energies the inventor to develop the present things that affect the life of human in one way or other. Innovation is also referred to as a pioneering improvement of a current technology meant to serves humans for a particular objective.
- Advances the Market Presence: The Patent law permits the inventor to share their invention in the public domain. With such right, the Patent’s owner obtains an incredible public impression and develops their present portfolio. This can also help to build the inventor’s reputation in the target market. All such factors will lead to improved sales data.
- Economic Growth & Investment: A Patent Registration might help an organization to increase by capitalization on the market strength of their inventions in which small entities can use Patents to appeal financial help. Further, Patents stimulate the growth of the economy of the national industry as the local entities that hold Patents may attract overseas investments and advance products too for export purpose. Profits gained by Patent misuse may be invested later in R&D projects, which improve the industrial and commercial growth profit.
However, the Patents might also have opposing economic effects. The fees for a license may increase the cost of products and services that implement the patented invention rights. Fees must be prior to the application of a Patent will be granted and to maintain rights of the Patent once allowed. Stating Patent rights can be expensive and hard for small and medium enterprises as the claims of violations need to be hunted by the courts.
Without the Patent Registration, the invention can be easily copied by any unauthorized person, which further can offer them financial benefits. From the above section, it can be summarized that if an inventor struggles to get a Patent, they should get familiarized with the benefits of Patent Registration and the disadvantages, competitors, and market situation.
The inventor needs to step ahead carefully and recollect the deadlines along with frequently watching tracks of Patent norms and required documents. Although patenting is an expensive affair, however, getting something in your for a particular time is worthy.