Advantages and disadvantages of getting a patent

Advantages and disadvantages of getting a patent: A patent is an exclusive right granted by the government to the inventor for an invention which is a new and inventive solution to an existing technological problem.

The patent rights are granted for a limited period of time in exchange for complete public disclosure of the invention. Also, there are many possible advantages and disadvantages of Indian Patent Filing.

When deciding if you should apply for a patent, you should look at your invention and consider the risks of not patenting it against the costs of doing so. In this article, ilovephd provides major advantages and disadvantages of getting a patent registration.

Different types of patent

>A process, such as a computer algorithm.

>A machine used to make something.

>The specific item being manufactured.

>Improvement of an existing idea.

>Composition of matter- a recipe for a creation.

Requirements for patent registration

• Novelty: The invention must be new or novel, means that the invention must never have been made before, carried out before or used before.
• Inventive Step: The invention must be non-obvious or involve an inventive step that means it should not be obvious to the person skilled in the art. I
• Industrial Application: The invention must be useful or capable of industrial application. It must be capable of being made or used in the industry.
• Not publically/commercially disclosed: A patent application must be filed prior to any disclosure to the public that is it must not be known or used in public before the filing of the patent application.
• Patentable matter: Finally, the invention must be part of the “patentable subject matter” under the applicable law.

Advantages and disadvantages of getting a patent

Advantages of patent registration

• Copy protection: A patent provides a right to protect your idea from copying by others based on the intellectual property rights law.
• Filing a patent gives the inventor a legal monopoly on selling, using, making, distributing, importing, or exporting their creation for a specified time period.
• You have all rights to use your invention.
• You can take legal action against people who are using the patented invention without permission.
• You can collect the royalties from a patent when they have licensed.
• Profits gained by patent exploitation may be invested later in research and development projects.

Disadvantages of patents

• Patent protection will only extend to the country in which the patent is filed.
• When you file a patent application means making certain technical information about your invention publicly available.
• A patent can be an expensive process even if it unsuccessful. With patent fees, attorney fees, and the cost of creating drawings, a patent can run anywhere from $2,000 to $5,000, depending on its complexity.
• Applying for a patent can be a very time-consuming and lengthy process (typically three to four years).
• Do you have the financial resources to obtain patent protection in the countries in which you intend to market your invention?
• You’ll need to remember to pay your annual fee or your patent will lapse.
• You will need to be prepared to defend your patent.

Hope, this article helps you to identify the major advantages and disadvantages of filing a patent.

Courtesy: USPTO.GOV