8.9.09

What is a Patent?

What is a patent?
A patent is an exclusive right granted by
the State for an invention that is new,
involves an inventive step and is
capable of industrial application.
It gives its owner the exclusive right to
prevent or stop others from making, using,
offering for sale, selling or importing a product
or a process, based on the patented invention,
without the owner’s prior permission. A patent
is a powerful business tool for companies
to gain exclusivity over a new product or
process, develop a strong market position and
earn additional revenues through licensing.
A complex product (such as a camera, mobile
phone, or a car) may incorporate a number of
inventions that are covered by several patents,
which may be owned by different patent holders.
A patent is granted by the national patent
office of a country or a regional patent
office for a group of countries. It is valid for
a limited period of time, generally for 20 years
from the date of filing of the patent application,
provided the required maintenance fees are paid
on time. A patent is a territorial right, limited
to the geographical boundary of the relevant
country or region.
courtesy WIPO

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