Why is Patent Registration important ?

We would delve into the real advantages of patent registration in this blog. The applicant may be eligible for a variety of benefits from the patent if it is approved. How does a patent benefit its owner? Upon completing their creations, inventors frequently ponder over several common questions. One such query pertains to the type of intellectual property right (IPR) they can obtain for their innovation, which is known as a patent.

This legal protection grants inventors exclusive rights to prevent unauthorized copying or selling of their invention without their permission. The duration of patent protection is typically 20 years, varying from country to country. It is crucial to highlight that once this timeline concludes, the inventions become accessible to the general public.

Make sure you have total protection from infringement:

With a patent in hand, you possess the legal authority to halt any unauthorized copying, production, or sale of your innovation. This exclusive right provides you with protection for a limited period, precisely 20 years, allowing you to fend off infringers and competitors effectively. One of the primary benefits of obtaining a patent is the ability to keep potential infringers at bay. Don't hesitate; secure your innovation's future by getting your Patent Registration done now.

Tradeable Patented Invention:

As an alternative, you might license the patent to get royalties over a longer time. This could give your company a reliable source of income. The same idea underlies the operations of other companies, which get royalties from licensed patents, possibly in conjunction with registered trademarks and designs. This is undoubtedly the most beneficial aspect of patent registration among all the advantages.

Gives Early Filers Access To All Rights:

The initial step in the patenting process is the submission of a provisional patent application. . This application is typically submitted by the inventor when their innovation is still in the R&D phase. Following the submission of this application, the invention is granted exclusive protection from the patent office for 12 months against any claims made by third parties. If another person or business submits a patent application that is exactly like it, the authority will reject the request.

Complete Freedom of Reform is Permitted:

For as long as the patent is valid, which in India is 20 years, the inventor is free to use the innovation for any purpose. The current invention may not, during such period, be used, sold, or modified by anyone other than the inventor without the inventor's prior written consent. Additionally, the inventor is the only party with the authority to pursue legal action against the parties in question.

Reduce the competition

A company can reduce competition by patenting a design, idea, or product. Consider the scenario where A and B are two competitors. Both are involved in the trade of comparable widgets. The widget's inventor, Company B, submits a patent application and is granted one. By legally compelling Company B to stop making and selling the goods, Company A can gain more market share and eliminate rivals.

Returns on investment (ROI) and generates significant income:

A deserving individual who is willing to commercialize the idea can receive some rights from the proprietor if they have grounds to believe that licensing could provide a greater return on investment. In this manner, the creator can generate sizable profits over time without having to pay costs to stimulate sales. The exclusivity attached to patented goods and concepts offers the innovator chances to increase profit. The corporation can create reliable income by licensing the patented concept or product to other businesses in addition to selling it directly to customers.

Enhances Market Presence

Thanks to patent law, the public can access and benefit from an inventor's invention. This right not only elevates the owner's public image but also strengthens their existing portfolio. Moreover, it enhances the inventor's reputation in the target market, ultimately leading to increased sales figures as a result of all these factors.

Public Disclosure is Authorized:

With the help of patent rights, an inventor might decide to make their invention public to attract more investors, customers, and business partners. Sharing an invention's technical details in public will demonstrate the inventor's expertise and mastery of the relevant technical discipline. It will assist the owner in luring customers, stakeholders, business partners, and investors.

Patents Boost Business Value:

Trade secrets, copyright, trademarks, and patents are all examples of intellectual property (IP). In many instances, the most important component is the patent, particularly in the high-technology sector or with consumer goods.

The assets of a corporation include a crucial and sizable percentage of intellectual property. Today, an average Fortune 500 company's worth is made up of 50% to 90% of intangible assets, primarily intellectual property.

Unquestionably, having a strong IP portfolio is essential for several reasons, including raising venture financing, giving you more negotiating power in different business deals, increasing the company's worth in mergers and acquisitions (M&A), and enabling a profitable exit strategy. Intellectual property lawyers should constantly give their clients advice on how to make the most money from their patent portfolio. This idea is becoming more and more significant. Finding the optimum technique for patent monetization necessitates a comprehensive examination and multidimensional approach. Market demand, the patent's commercial viability, and the quality of the patent application are all factors that are taken into account.

Patents Bring in Investors

If you have a patent or a patent that is pending, it will be significantly simpler to obtain capital investment funding from angels or venture capitalists. Additionally, you can pitch your creation without worrying that your idea will be stolen. Potential investors will feel more comfortable investing in you if they see that you have done the necessary procedures to get a patent. This shows them that you are serious about your product and that there is a chance to monetize the intellectual property. When making an investor pitch, you should have a patent or a patent that is pending. It demonstrates to potential investors both how original your idea is and how much effort and money you have already put into it. In negotiations with venture capital investors, it could provide you with negotiating power and raise your company's valuation.

Patents Boost Profits :

If used properly, a Patent Registration can make you millions or even billions of dollars through licensing or market dominance. Here are a few instances: Being the first to market has significant value. Your product is the only one accessible to your target market thanks to a patent. This enables your business to determine the market price for the technology or product. Companies that are first to market are typically regarded as leading authorities and industry innovators, building brand credibility and loyalty for which customers are willing to pay a premium.

Licensing is just another method a patent makes money. A registered patent grants the owner the only authority to manufacture, make use of, or sell the invention in exchange for a charge and royalties. If the inventor lacks the necessary means to manufacture and market the idea themselves or if they simply don't want to be a salesperson, this works effectively. Many thriving American businesses rely entirely on the technology and product lines they have to offer that they license to other businesses.

Encouraging Innovation Progress

The patent system does not seek to entice investors with ground-breaking technology alone. It motivates the creator to enhance things that already exist and in some way impact human lives. A revolutionary advancement of a technology already used by humans for a specific purpose could be referred to as innovation.

A patent registration requires cutting-edge technology or something novel that contributes to the corpus of current knowledge, thus it is no easy achievement. Most inventions are born out of a need to solve a particular issue. One of the most important advantages of registering a patent is that it encourages creativity among enthusiasts.

The main difference between copyright and patents

The protection provided by a patent lasts for a limited period, usually 20 years from the date of filing the patent application. Copyright protection lasts much longer, typically for the life of the creator plus an additional 70 years. In the case of works created by a company or anonymous works, the duration can be shorter, such as 95 or 120 years from publication

The patent is Regulated by the Patents Act, 1970 and Copyright is Regulated by the Copyright Act, 1957.

Patents protect inventions that are novel, non-obvious, and useful. These can be tangible items or processes. Copyright protects expressive and creative works, whether they are artistic, literary, musical, or audiovisual. It covers the expression of ideas, not the underlying ideas themselves.

Obtaining patent protection requires filing a patent application with the relevant patent office, demonstrating the uniqueness and utility of the invention. Upon the creation of the work, copyright protection is automatically granted. While registration with the copyright office is not mandatory, it provides additional benefits, such as the ability to sue for statutory damages and attorney's fees in case of infringement.

What is the duration of an Indian registered patent and renewal?

In India, a provisional or complete patent registration application must be filed before a patent can be granted. It would become public property following the required 20 years. The Patent must be renewed annually to remain in effect. A patent must be renewed regularly; if it is not renewed, it ceases to exist and enters the public domain. In India, a patent may be renewed for a further year by submitting a renewal application and paying the necessary fees. After the second year following the date of registration of patent, the patent renewal fee is due. When a patent ceases to be effective due to non-payment of renewal fees within the allotted term, it can only be saved by filing a restoration application in the allotted Form-15 within 18 months of the day the patent became ineffective.

Conclusion

Without a patent registration, it is simple for defaulters to copy the invention, which may be beneficial for them. The conclusion that can be drawn from this article is that in order to secure a registration of patent , an inventor must become knowledgeable about the benefits of patent registration, as well as the market and rivals.