What is a patent?
A patent is an exclusive right granted to the creator/owner for their invention. Inventions are defined as technical solutions to existing problems. They can take the form of a process or a product that may either improve on already existing technology or introduce technology that is entirely new.
An example may be the introduction of a new type of pharmaceutical drug that has been developed to either treat or cure currently existing ailments and illnesses. Another example may be the creation/introduction of foldable LED screen technology that would withstand years of use.
What is the criteria for obtaining a patent?
- Novelty- the invention should be new or not previously disclosed to the public.
- Inventive step- the invention should be non-obvious to those of ordinary skill in the specific area of technology from which the invention was created
- Industrial applicability- the invention should be able to be made or used
How long is a patent valid for?
Does a patent grant worldwide protection?
A patent is valid only in the country it has been granted in. An Application must be made in every country that the Applicant requires protection.
What are the rights of a patent owner?
The owner of a patent has the sole right to:
- exploit (making, importing, selling the product);
- sell or assign their rights to the invention; and
- license the invention.
What are the benefits of owning a patent?
- The patent owner is granted a monopoly in a particular market for a specified time period (usually 20 years)
- Exclusive rights for a specified period allows the patent owner to recoup finances spent in R&D
- A patent owner can benefit from a head start in the market
- A patent provides recognition to the inventor
- A patent can support and encourage future innovation
Who can own a Patent?
Typically, patent owners are individual inventors, innovative companies or universities.
Most Patents are created in the following industries:
- Business
- Pharmaceutical
- Innovation
- Chemical