A patent is an exclusive intellectual property right granted to a patentee for a new invention to an existing technological problem. The inventor of the product or idea is granted the patent right subject to the innovation and uniqueness of the same. Patents are registered with the government of India, and the registration process is as per the Patent Act 1970 and Patent Rules 1972. The government inspects whether the invention is new or not and then the patents right might be granted to the inventor. So, in case of a unique invention, it is comparatively easier to get a patent registration. It is not mandatory to have a patent registration, but it has its own set of benefits.
A patent registration grants the inventor the right to sell, make, or use the product or process it. It prevents others from replicating or reproducing the same product. A patent is a legal right granted by the Government of India to the inventor and can be used as evidence in the court of law. Patent registration in India is valid for a term of 20 years. After this tenure, the patent needs to be renewed or extended which will depend on several factors. The patent is granted for various inventions in the field of process, art, manufacturing method, computer software, chemicals, drugs and much more.
Patent registration in India serves as legal protection to the patented invention. It can be used as evidence in the court of law in case of any infringement by other individuals or business entities. Therefore, in order to have legal protection for the product, patent registration is absolutely necessary.
The patent owners can easily increase their business revenues by charging premium from their customers for the patented product. A patented product is likely to be standardized as per the government norms, and thus, the inventor can easily charge more than its competitors.
A patent is an intellectual property making it an intangible asset of the owner. The owner of the patent can sell, franchise, or commercially contract the patent for earning revenue out of it.
Patent registration in India will give you a competitive edge over the competition. The competitors cannot replicate or reuse the invented product. This will ensure that your company is ahead of your competition for several years.