A patent grant in India is given to the applicant who invents something novel. The applicant gets the rights to reap the benefits of patent as this right is given to him by country’s government. It allows the inventor to stop others from copying, manufacturing or selling the invention without their consent. So, basically the applicant becomes the owner of the content. An Indian patent will give the owner the rights within India to stop others from importing similar products in the Indian Territory. The patent system also promotes growth in the economy by making the benefits of patent available at an affordable price.
The benefits of patent include:
A patent grant serves multiple purposes as it benefits both, the individual and the country, in regards to technological advancement. This in turn increases the economic growth of the country. Some of the other patent benefits to the inventor are:
The Barrier to entry:
It is one of the major benefits of patent as it gives inventor exclusive rights. A patent erects a barrier to entry so that others cannot compete against the inventor. If anyone enters the market with similar invention, the inventor can take profits and stop them from engaging in further activities.
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Increased profits and prices:
The patent applicants increase the profit of their product to reap the benefits of patent. A patent allows aninventor to sell his unique product at higher price. If the demand for the product is high, the inventor gets the benefit of the patent. As no one else can sell a similar product, the profit generation of the product peaks. If someone else was able to introduce their own version of the patented product, prices would drop. Fortunately, the patent prevents them from introducing their version of the patented products.
Provide equal opportunities to small corporations:
Apatent provides equal opportunities to small corporations and helps them in expanding their business. There are many advantages that large corporations have over the smaller ones. Large corporations have funding and marketing channels to promote their product. So, the small company is likely to lose as compared to its counterpart.
However, everything changes with the involvement of a patent. If a small company owns the legal rights of the invention then even large corporations cannot benefit from it. This gives the small company an advantage over its counterpart with a unique product. The patent owner has the right to sue large corporations for patent infringement if found using their technology. This helps in avoiding the domination of any company which is essential for economic growth.
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Allowing public knowledge share:
When patent gets a grant, the disclosure of the invention in public domain takes place. By disclosing the invention in public, it will demonstrate the inventor’s good command and his technical subject background. This will attract leading and high-end business partners. It will also help in raising funds and inventor’s portfolio. The image of the inventor in the market would sell or instigate the competitors to offer this invention with good range.
Encourages innovation and understanding:
The patent not only helps the inventor but also the society as a whole. The patent system encourages inventors to innovate by granting a patent for their invention. The inventor gets a patent grant for a limited period of time in exchange for others to use the invention. Hence, public can make and use the invention after expiration of the patent. The collective knowledge of the public increase as inventors teaches the public how to make and use their invention. They mention it in the patent specification description of the patent.
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