What are the Benefits of Getting a Patent in India?
What is a patent? What are the benefits of patent registration? Several such questions strike the mind of an inventor when he comes up with new ideas and tries to associate them with patenting. A patent is one of the many exclusive forms of Intellectual Property Rights (IPR) granted to an inventor for the unique invention by his nation’s government. Intended to prevent others from copying, trading, modifying, or importing the inventors’ ideas without their consent, patent protection continues for years. Patent Law is territorial bound and thus, different for different countries, for example – the patent granted in India lasts for 20 years from the date of filing. Note that anyone can use the invention after this duration. Once the applicant gets a patent, he can enjoy many benefits.
What are the Advantages of getting a patent?
Patent law develops the inventor’s confidence to generate more ideas by making him the only owner of his invention. Comparatively different from other kinds of Intellectual Property (IP), patent rights can be bought, licensed, or sold. Since these rights are country-specific, the patent law of one nation gives the rights valid within that country only. For instance – the patent granted in India gives rights that prevent unauthorized users from infringing, i.e., importing or using others’ ideas within Indian Territory. Besides inventors, the patent system benefits the nation by growing its economy, as it enables the public to get the desired products and services at affordable prices.
There are a lot of benefits that the owner can enjoy after obtaining a patent, some of which are as follows:
- Exclusive access to every right from the time of early filing
Patent registration begins bestowing the inventors with the benefits right from the first step, i.e., the time of filing for the patent. The applicant gets the security and surety that no other person or company could claim the ideas similar to his invention, as soon as he files the Provisional Patent Application. If someone else applies for the same patent, his request will get rejected for the filing period, which is 12 months in India.
- Freedom to make changes
The patent law entitles the owner to use his ideas in any way for the permitted period. It means that the owner owns full freedom to utilize, sell, or even modify the original invention and to prevent others from making profits from the same ideas without his consent. With the granted patent, the inventor gets the ability to sue the user whom he finds infringing his patent rights. Note that patent infringement is a criminal offense.
- ROI (Return on Investment)
Sometimes, the owner finds that his invention is not bringing good outcomes for him and therefore, wants to hand it over to any other deserving or successful person. Once obtained, the patent rights allow him to earn a good amount of ROI, i.e., returns on his investments by commercializing the invention.
- Opportunities to get a good market reputation
Patent rights enable the inventor to get a noticeable market status and improve his portfolio by uncovering the invention publicly. It then helps him in building up a good relationship with consumers and competitors that ultimately add to his revenue.
- Public disclosure
Patent rights allow public disclosure that helps the inventor in building up his portfolio along with increasing the funds, market value, and business partners. Sharing information that pertains to the invention publicly will demonstrate the inventors’ specialization and good command over the technical subject-matter. All these facts benefit the owner by attracting leading and high-end investors, shareholders, business partners, and consumers.
Why is patenting an invention crucial?
If the invention is not patented, then it becomes difficult for the owner to prevent others from stealing and using his ideas to obtain all the above-given benefits. After reading the above-provided information, you can easily conclude that for getting a patent, the inventor should be familiar with the IP industry, patent laws, market scenario, competitors, consumers, etc. The inventor needs to remain cautious as well as up-to-date in regards to patent standards and required documents. However, the process of patent registration may appear a bit arduous, but earning protection for your invention for a certain period is worthy. For more visit: https://www.kashishipr.com/
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