The patent is the act, which grants to the inventor, the right of exploiting its object exclusively, during a determined period of time. It is the tool through which the development of new technologies is stimulated once it insures the inventor’s and the investor’s exploitation rights. Patent Registration confers upon its owner sole rights while protecting the same from being getting copy, maltreat or misuse from any of the third party. Patent is one of the powerful tools that gives owner sole rights to work or grant permission to another to do so.This applies to drawings, diagrams, sketches explaining work relating to invention with visual illustration. Business entities often patent for their Process which is unique and new invention. Patent registration is carried under the Patent Act 1970. Under Patent owner can enjoy the fully rights and powers in respect of unique invention.
Use it to build business
It can be licensed to others in consideration for royalty payments
Owners have complete monopoly and competitive advantage
It helps in raising finance for business
20 years Validity available
Owners have right to block others from making using selling or offering to sale and Importing the patented invention