What are advantages of getting patent in India? : This is the most common question that can strike through any inventor or researcher’s mind when they try to analyze if their invention is worthy of patenting. A patent is an exclusive right granted by the country’s government to an inventor which allows them to stop others from copying, manufacturing, selling or importing the invention without their consent. This is applicable throughout the entire life span of the patent. For India, the tenure of a patent is 20 years from the date of filing. Post this period, the patent is open for anyone to be used.
Patent is granted to encourage inventions. The applicant becomes the owner of the patent when a patent is granted to the inventor’s invention. Unlike any other forms of property, a patent can be sold, bought, licensed or mortgaged. Rights on patents are territorial bound. Thus an Indian patent will only give the owner rights within India and rights to stop others from importing products into Indian Territory. The patent system promotes growth to the economy by making the benefits available to the public at affordable price.
The advantages of getting patent in India are as follows:
- A patent gives the inventor or researcher the right to prevent others from copying, manufacturing, selling or importing the invention without the permission of the inventor.
- Maximum protection is obtained for a fixed time period (20 years for India) thus helping to restrain other competitors.
- The patent can be used to build a business.
- The patent can be licensed by the inventor to make it available for others to use it. Patent rights can be licensed to other companies to receive royalty payments.
- The patent can be sold as or with any other asset. It can also be sold completely to a company.
- Patents give valuable guidance for
- Planning research and development.
- Planning strategic protection for IP assets
- Creating strategic union
- Identify probable competitors