Why Is Patent Filing Important?

Why Is Patent Filing Important?

What is a Patent?

Patents are a right granted to an inventor that allows them to exclude all others from making, using, or selling their invention. A patent is a form of intellectual property. The patent rights are granted for a limited period of time in exchange for complete public disclosure of the invention.

Who can file a Patent?

Any person who is the first and true inventor of an invention can apply for a patent in regards to that invention in the patent office.

An application for a patent may also be filed by a legal representative of a deceased person who was entitled to such patent before his death.

What are the benefits of filing a patent in India?

Certain benefits of filing a patent in India are as follows:

i) A patent is a form of encouragement for innovations and inventions. Once an applicant is granted the patent, he or she becomes the exclusive owner of the invention or the idea.

ii) Filing a patent in India is important for a business as the patent restricts its competitors from copying, selling, or importing its intellectual property without prior permission. This way the patent holder can protect his patent rights in support of the existing laws of the land.

iii) Patents can be sold and licensed like other forms of property

iv) A patent is just like any other intellectual property and can be transferred by the inventor.

v) A patented product is likely to improve brand perception and potentially enable your business to charge a premium.

Requirement for invention to be Patentable?

 Inventions must meet the patentability requirements such as:

i) Novelty

ii) Non-obviousness

iii) Usefulness

iv) Patentable subject matter

Note: This Post was last updated on February 28, 2021

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation i.e. February 28, 2021. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, We assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. We assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL WE SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION.

Sunita

Founder & Director | COO & CHRO at eTaxFinance | Content Writer at eTaxFinance Blog | Department Head for Intellectual Property & Startup Team | Head-Corporate Strategy and Planning