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Writer's pictureBIAT Legal Advocates And Legal Advisors

What are the Advantages of Filing a Patent?





As we ensure our health and life, similarly it is important for any patentee to get its innovation protected. By assigning the item, product, service etc. an IP status, so that it can be defended against any illegal issue.


Explore our legal assistance services to protect your Intellectual property. We provide information and resources to assist you with your end to end business requirements.


Intellectual property and Patent


In today's date innovation can be protected by licenses and through patent registration. Patent secures the interests of innovators whose tools or ideas are genuinely noteworthy and financially fruitful, by guaranteeing that a founder or creator can control the business utilization of their idea.


Why is patenting Important?


The patentee who gets their innovation protected through patent registration has an exclusive right to manufacture, sell, trade or retail that innovation or can license that innovation to others with a proper agreement.


Criteria to Obtain a Patent


The criteria to be met in order to obtain a patent registration are underlined in the patent Act and it may differ from country to country. In order to obtain patent registration of the innovation, the patentee must ensure that their innovation is novel, valuable and not obvious to someone working in the relevant subject. To do so, it is essential to depict how their innovation works and what it is capable of.


International Patent


A patent is a private right that has been granted by the government. It only has legal consequences in the country or region where it is licensed. Therefore patentees who are looking to get their patent registration in other countries must check or search for availability of their innovation in such countries as well. To this end, WIPO’s Patent Cooperation Treaty (PCT) is intended to make acquiring patent insurance in distinct nations as simple and cost effective as possible. Get in touch with our experts to know more.


Benefits of Patent


Let's have a look on advantages in filing of patent application in India-


  • After official recognition, you can assert exclusive rights over the creation for a period of ten years.

  • You leverage the patent right to fund and start your own business.

  • You can rent out your patent rights to an already established business.

  • Further, you can ensure that no other person or organisation is permitted to use, sell, or offer the patented service or solution.

  • You can also pitch and sell the patent to other organizations.

Now let’s have a look at the advantages of patenting to the patent owner and society as a whole:

  • Patents compensate Generators by making their inventions economically fruitful. As a result, they serve as a motivation for generators to produce. With a patent, an inventor or independent adventurer knows there's a decent chance they will benefit from the time, trouble, and capital they put into developing an invention. Overall, it implies that they can make a living from their sweat.

  • When a new invention hits the request, society as a whole benefits – both directly, because it may enable us to negotiate commodities preliminarily unbelievable, and laterally, because of the fiscal openings ( business growth and work) that can affect it.

  • The income created by patent- defended technologies makes it possible to fund fresh exploration and development ( R&D) in the field, thereby adding the chances of exceedingly better inventions getting available later on.

  • A patent transforms a creator’s capability into an industrially tradable resource, opening up doors for business development and employment creation.

  • Having a patent makes a company charming to investors who assume an important position in empowering the commercialization of invention.

  • A patent, when recorded, provides strategy makers with precious information about where and by whom invention R&D is taking place. This information will be useful in setting policy and executive conditions that allow intellectual property to thrive.

  • A Patent can help deceitful third parties from free-riding on the sweats of the inventor.

Conclusion

There are numerous benefits of getting your intellectual property registered but the most significant benefit of applying for a patent is monetary. Patent registration ensures that only the patentee gets the benefit of the registration until and unless the creator renders permission otherwise.


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