Patent law deals with technological innovation. A patent protects scientific inventions by granting specific privileges and exclusive rights to the owner of the product or system. It enables the inventor to make, use, and sell the product by prohibiting anyone else from doing the same. Such is the importance of patenting that statistics revealed almost 600,000 patent applications in the United States in 2018.
The top patent attorneys in the field represent businesses and individual owners in all procedures relating to obtaining patents. They have a set of specialized qualifications necessary in understanding and meeting complex standards of the patent law. Thus, businesses hire top patent attorneys to help them increase the invention’s value while protecting the rights of the owner.
What is a Patent?
A patent is a title that provides legal protection to a technical invention or scientific discovery for a limited time. It prevents the exploitation of the property by excluding others from selling or using the product. At the same time, it gives numerous benefits to the public by sharing relevant instructions on how to use the product.
In the United States, the federal agency administers patent laws. The term of a patent lasts to 20 years from the filing date. It is subject to payment of various maintenance fees as prescribed by the law. Further, a patent is territorial. The rules apply to a country where you hold the patent. However, if investors see a potential in the market of other countries, he or she can file a patent application for other countries as well.
For an invention to be patented, it should be the requirements which are a novelty; usefulness; inventiveness; and eligibility. If an inventor or organization believes that the invention has the potentials and sufficiently meets standards, then they can file an application that provides a detailed description of the product. The language should be understandable enough so the target market can utilize its benefits.
Advantages of Patent
Many businesses invest in patenting their processes and products because of its numerous benefits.
Value – Patents give importance not only to the product but to the whole business as well. It can be applied by the particular organization that invented it to other areas as well. It provides a wide range of value while limiting competition from other businesses.
Revenue – A patent can generate profits from patent licensing. Because of its high value, a patented product that satisfies the public’s needs propels a higher income. An inventor also has the right to sell the rights at a higher cost. Moreover, corporations usually rely on intellectual assets for its valuation.
Exploitation Prevention – Patents prevent others from taking advantage of the product by using and selling them without consent. It protects intellectual property by delegitimizing exploitation acts.
Despite its expensive cost and strict set of requirements, many businesses opt for patenting when they produce an invention. A patent helps enterprises maximize their development potentials and ensures a return on investment.