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Importance of patent

  • It provides legal right to prevent others from making, using, selling, offering for sale, or importing the patented invention.

  • The term of the patent is 20 years from the filing date.

  • It is a right which a government gives to inventors in exchange for their sharing details of their inventions with the public.

  • Patent is a property right and like any other property right, it can be sold, licensed, mortgaged, assigned or transferred, given away, or simply abandoned.

  • Patents are granted by national or regional patent offices and are enforced by national laws and international treaties.

  • It is territorial in nature. It protects an invention in the country in which that patent is granted.