Author - Associate Nupur Mehrotra
A Patent is a grant of monopoly power by the state to an inventor who is given the exclusive right to commercially exploit his or her invention for a given period of time.
It is a right which is exclusively given to an individual for the invention of a product or process that finds new solutions to the problem or provides a new way of doing any work. It provides protection for the invention. It is generally granted for a limited period of 20 years. Patents are necessary as they help in recognizing the individual’s creative work and provides incentives for the same. This in return encourages innovations and enhances the quality of one’s life.
Patent protection refers to the state when the inventions cannot be used or sold commercially without the consent of the owner. During the patent period, the owner has complete right to decide who may or may not use the invention. It is upon the owner’s wish to give permission to the opposite party to make use of the invention. Patents are granted by the national patent office after the complete examination of the invention. The invention must be of practical use and must carry some new characteristics. It is very important for business firms to get their work secure through patents so that they earn their share of profit and reward as well as their work is not used by the other party.
In recent years several reforms have been introduced in the patent system in India which has added benefit to the business organizations, startups, etc. This system has also tried to solve the issues related to the lack of human resource in the Indian Patent Office.
It has become very important to protect future technological innovation through patents or otherwise, it would lead to discouragement for future innovations.
Getting the patent for technology would lead to the following advantages of the person responsible-
It is very important that every person should get to know about the technological advancement happening all around the world. For this, it is necessary that the inventors bring their innovation in the public and give some information about it so that progress can take place. But people can fear that disclosing their innovation might take away from them their ownership or rights. For this particular reason, it becomes more important that patents are done so that the innovator receives his part of share and also the society is benefitted.