Patent is a kind of intellectual property right that provides an inventor sole rights over his product as well as the process through which that product is created. It plays a very significant role in the commercial world by encouraging new ideas and developments.
When a person invests his time and energy and comes up with a commercially profitable product, he would not normally want others to take benefit of it. However, it is often hard to safeguard your invention from everyone dishonest, as you might need to trust and disclose it to others for testing its viability and marketing prospects. In such situations, patent laws can help you protect your rights.
Patent laws enable the inventor to make exclusive use of the product or the underlying process for a stipulated span and then permit the product or process to enter into the pubic domain where it can be accessed by anyone for any purpose. This enables the inventor to generate substantial returns on his efforts in a lawful way and also to take action against any person who is found infringing his rights over the product or the process.
Patents are also crucial in cases where the inventor is willing to license the product, as the licensee may not prefer investing in a product that is not protected from counterfeiting. However, with the complicated legal and administrative processes involved, patents can't serve much of a purpose in case the product that lacks a sound commercial viability or is to be sold only for a short span of time.
The real importance of patents lies in cases where the inventor has invested a lot of effort and creativity to create a marketable product, especially when a large scale production of that product is viable. If such efforts were not protected through a legal framework, there would be no way to reward people who can think differently and come up with groundbreaking ideas.
When a person invests his time and energy and comes up with a commercially profitable product, he would not normally want others to take benefit of it. However, it is often hard to safeguard your invention from everyone dishonest, as you might need to trust and disclose it to others for testing its viability and marketing prospects. In such situations, patent laws can help you protect your rights.
Patent laws enable the inventor to make exclusive use of the product or the underlying process for a stipulated span and then permit the product or process to enter into the pubic domain where it can be accessed by anyone for any purpose. This enables the inventor to generate substantial returns on his efforts in a lawful way and also to take action against any person who is found infringing his rights over the product or the process.
Patents are also crucial in cases where the inventor is willing to license the product, as the licensee may not prefer investing in a product that is not protected from counterfeiting. However, with the complicated legal and administrative processes involved, patents can't serve much of a purpose in case the product that lacks a sound commercial viability or is to be sold only for a short span of time.
The real importance of patents lies in cases where the inventor has invested a lot of effort and creativity to create a marketable product, especially when a large scale production of that product is viable. If such efforts were not protected through a legal framework, there would be no way to reward people who can think differently and come up with groundbreaking ideas.
