Definition of patent in India
what is patent?
“A Patent is a statutory right for an invention granted for a limited period of time to the patentee by the Government, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process for producing that product for those purposes without his consent.”
in other words;
“A patent can be defined as a grant of exclusive rights to an inventor over his invention for a limited period of time (generally 20 years from the date of filing of patent application). The exclusive rights are the right to exclude others from making, using, selling, importing or offering for sale his patented invention without his permission.”
This implies, when you get patent for your innovative idea, the government gives you a monopolistic right for your invention to stop others from making, using, selling, importing or offering for sale your patented invention without your permission.
What this means in financial terms is you would get significant monetary benefits for your patented invention by:
- licensing your patented invention to other business and earn royalties on regular basis as per agreement
- you can build a business around your patented invention and stop others from copying it, so there would be no one competing with you with similar product or service, and hence can earn significant profits.
- having patent for your invention may also help in raising capital for business
- you transfer all rights of patented invention to other business. that is make significant money by selling your patented invention.