New Invention or technology which brings a significant change in the scientific and industrial world is considered as Patent. Not only in technology companies but also medicines, process of preparation of medicines included under the purview of patent. Patent is the right that is awarded to a person for a new invention or technology which had never existed before. Every nation’s growth rests on the number of significant patent granted.
In legal language patent is a set of special privileges approved to a person for his invention to a stipulated period of time.
The following official requirements must be satisfied such as the invention must be Novel,
Non - obviousness and Primarily of large public use (industrial applicability).
Only when these three necessities are fulfilled the patent is approved for a fixed time period and then the invention enters the public domain. The patent right is granted to an inventor not only to protect his invention but also to prevent others from making, using, selling, or distributing the patented invention without his permission.
The reason is that the monopoly right is given for certain period to give importance to the inventor so that he gains both economically and morally. After which the knowledge enters public domain so that the invention can be used by all for overall economic development which will have impact on the Countries growth.
World’s economic growth is based on hi-tech expansion of technology. Economic growth rests mainly on the number of valuable patents granted in their country.
Patent is either granted to a new product or a new process.
Most of the inventions are the result of a solution to a problem. Few years before, we used only landline phones. The phone was static in a place and was not portable and its use was limited. The invention of a mobile phone has tremendous impact in each and everyone’s life. Communication has become so easy and fast;
To convey a message, a simple SMS will do, instead of calling. In case of emergency we can inform person easily. Also now with the advent of smart phones with lots of Apps the day to day tasks have become so easy and fast.
Here the invention of mobile technology is the fundamental patent and further improvements on the previous inventions are also included under the purview of patent registration. There is lot of improvements made in the mobile phones, within past 10 years by introducing touch technology, voice recognition, GPS etc. Thus improvements made to an invention also included under patent.
Patents are main reason for the speedy advancement in medical science, biotechnology, drug chemistry, computer hardware and software.
Patents provide the elite privileges to the inventors like
Special privileges - enable the patent owner to get back development costs and gain ROI in the progress of the patented technology.
Powerful market niche - Economic importance in certain countries may be different based on the type of technology.
Positive representation for your venture - identify and realize the full potential of value from patents.
Boost the command to make the deal - can generate revenue from the licensing of patents.
Chance to accredit or vend the invention - enable a person of skill in the particular field to understand the invention well enough. It facilitates to turn your novel ideas in to riches.
Superior ROI - a key requirement for raising venture capital.
The patent law is a legal agenda that set up a system of exclusive rights which supports and support technological novelty and encourage fiscal progress.
Before filing, the patent search process is rigorously done to see that the invented new product or process is not already applied for.
A patent search is part of your search for prior art (no, not paintings). Prior art is any body of knowledge that relates to your invention. Prior art would include previous patents, trade journal articles, publications (including data books and catalogs), public discussions, trade shows, or public use or sales anywhere in the world.
Patent drafting is a method of organizing a file / document that can be filed in a patent office. The document is a techno-legal explanation of the invention. The narrative in the document will be in compliance with the patent law of a particular country in which it is filed. The deepness of the explanation in the document will be such that a person, who has sufficient knowledge in the field to which the invention relates, will be able to practice the invention, without carrying out too much tests. Then (Patent Draft) is done which gives an exclusive rights summary. It is a huge set of documents to be drafted by professional in this field of practice.
A patent expert is needed for patent drafting because efficient patent drafting requires in depth understanding of both technical domain and legal principles. Generally an inventor may be well versed with the technology but may not understand the legal principles very well. It is advisable to take help of patent agents who specialize in that area of technology to which the invention belongs.
The best person to draft a patent would be a person who has a blend of technical and legal knowledge. The technical knowledge enables him to understand the invention, while his legal knowledge enables him to draft the patent, keeping in mind the current legal framework.
The other aspect of patent is that after the stipulated period of time the invention enters the public domain hence any further a user need not obtain permission or pay royalty to the inventor.
The process of getting a patent is a time consuming process & also involves lot of money for research and other patent related activities. For grant of patent application before registry takes approximately a time period of 4 years. By this time period the patent becomes outdated.
In-order to avoid the shortcoming caused by this time process the Patent law specifies that just after filing the patent and obtaining the patent number the inventor or holder of patent can start commercializing the same and need not wait till the patent is granted.
PATENT is territorial right and hence the registration will be given only within India if applied in India. The search process of patent is done worldwide reason being to see the priority owner of the technology. But registration is limited to territory of each country.
The International patent registration is done by means of PATENT COOPERATIVE TREATY (PCT). PCT is an International patent co-operative treaty brought into effect to bring in a uniform procedure to be followed in applying patents in each of its contracting states. PCT is a gateway to apply of International patent application where the application enters the International phase. But while applying patents in International phase the inventor has to mention the specific targeted countries where he wants to apply.