What is a patent and what is its importance

Oct 192020
Patent attorney in india,Reasons for patenting,Importance of patent,Patent law

Patent is something which has been in place since several years but has started to gain more acceptance and popularity since the last few years. Since the cases of infringements have grown tremendously in India, even the small and mid-sized businesses have started considering patents to save and protect their ideas. The procedure of applying for patents has gotten simpler with time which is the reason more and more people want to take it. Patent Attorney in India is responsible to go through the applications and finally grant patents to the applicants on the basis of their records, nature of business and requirements.

 

How does patent helps a business

As discussed earlier, there can be several reasons for taking patents on your inventions and filing for patents have specific reasons as well. When it comes to small businesses and Entrepreneurs, the most important thing in their business is time and money. They do not have enough money as startups and this is the reason they do not want to take any chances when it comes to protecting their ideas and innovations which becomes one of the major reasons for patenting. They are ready to invest on the initial cost of the patenting process as they are assured that their idea would be safe for the next 20 years from the date of filing a patent.

When it comes to already established businesses, they are equally or rather more concerned for protecting their ideas. They already have a name in the market and customers and investors recognise them from their brand names. Hence, they just cannot take any risk with their existing business which is run on their innovative ideas. Since they are financially stable, they have absolutely no problems in paying the fees to the Patent Attorney in India and get the process done for themselves. This is how they keep their ideas safe from infringements and patenting directly or indirectly builds a positive image of the brands

 

Necessity of filing a patent

One of the reasons why many entrepreneurs go for patents is because it builds a positive image of your business in the market. The investors and customers find your business trustworthy and get a positive vibe from it. This makes them to invest money on your business which helps you grow further. Also, people want their inventions to be safe and not misused by their competitors. There is always a sense of satisfaction if you know that your hard work is safe. Companies understand the importance of patent only when they become the victims of infringements.

Patenting your invention gives you an exclusive right on the invention and prevents its unauthorized usage completely. In this way, even if somebody wants to steal your idea of business, they just cannot do it and hence it reduces your competition in the market which in turn helps you grow solely. Another important reason why most of the entrepreneurs and businesses prefer to patent their invention is that it saves their time and money involved. There are many things involved in the invention and especially the time it takes. It requires a lot of time and money for one invention or an idea to come into practice and if it is not patented, somebody can just come, copy it and use it for their business without making any efforts. Patents, thus saves time, money and efforts

 

How long does it take to get a patent

There is a standard process followed in filing and allocation of patents which is in accordance with the WIPO also called the World Intellectual Property Organisation. It is not an easy and simple process but requires some extra time and effort from the date of filing to the date when it is allocated to you. Patents are valid for a period of 20 years from the date of filing, which is a standard duration followed in almost all the countries. The fee structure of the whole process differs in different countries and is decided by the patent attorney. Patents can be taken for your own countries and also can be taken for selected countries if you think your business has a reach worldwide.

 

How do patents make money

Some people use patents to monetise their business in an indirect way. If you have acquired a patent on your invention and somebody uses it without your permission, you can always challenge them in court and can get a handsome amount if the case goes in favour of you. According to the patent law, the court asks to give compensation to the infringer which might be a huge bonus for you.

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dpadmin
Ketana Babaria Ms. Ketana Babaria, an advocate and registered patent Agent M. Sc. LL.B PGO-IBM, is of 20 years experience in the field of IPR, worked for generics and giants now leads a team, handling all aspects of patent and legal matters related to the pharmaceutical & non-pharmaceutical.