Patent is a set of exclusive rights granted to the inventor’s owner or beneficiary. The Patents Act of 1970 and the Patents Rules of 1972 control them. These rights include the ability to use, sell, and design, among other things.
Patent laws and Innovation
Innovation refers to advancements in a product, process, or service as a result of an innovation or business model. These inventions are novel approaches to challenges. Patent law is used to prevent innovations from being abused, which is critical for the advancement of technology.
The stages of the technology life cycle are as follows: innovation, research, development, and dissemination (RD&D), market development, and commercial diffusion. At each stage of the life cycle, different processes occur, allowing different possibilities to use tools that foster innovation.
Importance of patent laws
- A focused patent strategy can help a company save money while also increasing its value: – A patent permits the owner to legally restrict the use of patented technology, and these rights can also be sold if the owner’s use is not restricted. This aids in covering development costs and obtaining a return on investment in the patented technology’s development. This aids in the formation of venture capital funds and may lead to technological advancement.
- Patents boost the overall value of a company: – The company’s intellectual assets, such as patents, are used to determine its value. Today, capital assets account for only 15% of the value of Fortune 500 businesses, while intellectual assets account for 85% of the value.
- Identifying and realizing the full potential of a person: – Patents assist companies in determining the full potential of their assets, allowing them to design plans for utilizing and protecting their intellectual property. A key component of this strategy is the creation of a patent programme that identifies, evaluates, and incorporates new technologies into patent applications.
- A patent protects your invention: – It safeguards your invention, which is defined as any product, design, or technique that meets certain criteria for practicality, originality, utility, and suitability. A patent protects your invention from unlawful usage or intrusion. Because once a patent is granted, no one else can profit from your invention.
- Encourage new ideas: – As previously said, how innovation and patent laws are linked, and how patent law promotes inventions, this acts as a benefit to the other, causing more innovations to be created in order to achieve a healthy completion.
Purpose of Patent Laws
On this planet, man is the only creator with a creative and original intellect. The ability of man’s imagination and ingenuity has resulted in the creation of new objects. The patent system’s main goal is to promote creativity and innovation by allowing inventors a monopoly on their creations for a set period. Its goals are to reward the creator as well as to defend the public’s welfare. The patent system also ensures that public and private interests are balanced. The product will be available to the general public, and the creators will get royalties and exclusive rights for a limited time.
When patent protection fosters development and discovery, society benefits in the long run. When the period of protection for such creations and inventions expires, they are released into the public domain and become public property.
There would be huge theft of ideas, intellectual property, information, skills, and even attempts if patents did not exist. Instead of being progressive, this theft would render society regressive. As a result, the patent law’s goal is to prevent intellectual property theft while also encouraging a progressive and innovative human mindset in addition to financial rewards.
It is widely regarded that intellectual property, particularly patents, is one of the most essential notions that humanity has ever devised. A patent is an intellectual property right granted to an innovator that protects a product, a process, or both in the field of science and technology. The patent system’s primary goal is to promote invention and creativity, without which human civilization would be well on its way to extinction. Patents have been protected by numerous international accords and state laws, making them one of humanity’s most essential concepts.
By: – Pragati Sengar