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 lifespan 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.
The 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 to 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 an affordable price.
Do you know? Read to learn: Is it possible to patent an idea?
Why acquiring a patent is too complex, yet worthy?
There are certainly a lot of benefits that one can grab if he/she owns a patent. Let’s go through all the advantages of getting patent in India.
Do you know who can apply for a patent in India? Read to know: Who can apply for a patent in India?
Advantages of getting patent (Exclusively in India)
But, there is a point to realize that all of these efforts which are made by the inventor, in terms of both economic and time-concerned are not only made for desiring a patent, just for the namesake. Instead patent offers a number of privileges to the inventor, because of which only the inventor gets ready to make such investments. Here is a list of exclusive privileges and benefits which comes into full control and authority of an Indian patent owner or the inventor, after getting the patent for his/her invention.
1# Giving exclusive access to all the rights by early filing the invention:
Not just complete patent, even the first step of patent registration i.e. patent filing in India offers a remarkable advantage to the inventor. Once the application is filed as a provisional application, which is a lot cheaper and short to summarize, then the inventor is provided with a security and surety that no other person could claim the same invention under the filing period of 12 months, after which non-provisional application has to be filed with complete claims and description. If any other person, business, or organization tries to claim the invention as theirs, then their request is simply rejected for the filing period.
2# Authorising complete freedom of change:
Once a patent is granted, it provides the inventor, the complete right to work or do anything with his invention for the valid time period (20 years) in India. Within this allotted time period, no person, business, or an organization is allowed to use, sell, or make any modifications to the original invention without the inventor’s consent. If anyone tries to use it, then he/she will be considered as the unauthorized party and will be considered as a case of infringement, which is a criminal offense. Having a complete protection on the back, the inventor can do anything with the invention, and thus proclaims to be the utter owner of that invention, restricting any unauthorized access to it.
3# Generating ROI:
There are still chances if the inventor gets bored about his/her invention, or do not see any future scope on his/her side, or want to hand it over to a more successful or deserving being, then he/she can commercialize the invention, keeping its exclusive rights and earning good amount of investment returns from it.
4# Generating profits through licensing or selling the invention:
There are chances that the inventor might want to sell or license the patent due to any reason, such as to earn significant profits then there is a provision for that too. In India, he/ she may commercialize or license it to another firm who could offer him a good amount of money.
5# Safeguarding good market status:
By disclosing the invention in public domain openly, itself signifies that the inventor holds the guts to get challenged for his/her own work, to attain a good public impression and enhance his/her portfolio. His image in the market would sell or instigate other competitors to offer this invention with good range, thus this helps in building up his own negotiating power for his/her own invention. In India, this even helps in building a good relationship between competitor firms that will ultimately encourage small firms to participate in this industry as well.
6# Allowing public knowledge share:
Public disclosure not only builds the inventor’s portfolio, but it also raises company’s funds, market value, and relevant business partners. Thus disclosing the invention in public will also demonstrate the inventor’s good command and specialization over the technical subject background. This will attract leading and high-end business partners, investors and shareholders for future knowledge transfer and commercial support.
7# Providing monetary and skill developing benefits to people at different positions:
Acquiring a patent does not only involves the inventor, but it also involves a number of supportive people that play a significant role during the course of getting a patent. For example, an Indian patent attorney can grow on financial and individual skill level by helping and providing his/her exclusive services to the inventors, patent examiner gets a platform to show up their knowledge and skills in the patent office during investigation of patent applications, business-oriented people get new arena of development and scope to invest more in a variety of new subject matters, etc.
Intangible assets are those important belongings for any person, business, or an organization, that does not exist physically in nature. For example, all the trademarks, copyrights, business methods, patents, etc. all fall into this category. Since a patent is an asset that is acquired for someone’s invention and its merely impossible to measure the amount of hard work and other investments, such as time, money, etc. from the inventor’s side, patent comes under this category. And it is unfair to assign any monetary amount for someone’s efforts, by simply analyzing the type of patent subject.
But, there is a method, called ‘economic-analysis’ method, through which we could analyze all those factors on the basis of three parameters, namely cost, income, and market, and calculate the monetary value of the invention. The cost approach focuses on the replacement cost of the patent, which would replace the protection right. The income approach focuses on current cash value that the invention could cause after raising the sales and standards in the market. The market approach focuses on analyzing the cost that a potential buyer can easily pay for similar kind of property, method, or product.
Do you know all that you must know, for filing a patent application in India? Read: How to file Patent in India- Requirements | Procedure | Specifications | Forms
Why patenting your invention is a mandate?
If you do not Patent your invention, then someone else will steal your idea behind your invention and redeem all the above-mentioned benefits. After going through the above parts one can conclude that if an inventor tries to acquire a patent then he/she must be very sure about his/her invention. Since it not only requires a lot of investment in terms of time and money, but it also requires fair enough knowledge about the market scenarios, patent laws, and its competitors. It does not serve as an open challenge just for the namesake, but the inventor has to literally get over every step and have to remember the strict deadlines, and constantly keep tracks for all the documents as well as the patent legal standards. Thus, getting a patent is a tough job but it is worthy to earn something in your name for a registered time period.
Also Read: Types of Patent Application (India)
In short, 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
Do you know the complete procedure for filing National Phase PCT Patent Application in India? Read to learn: How to file National Phase PCT Patent Application in India?