The complete patent is an exclusive legal right of an inventor, giving him/her the legal authority to exclude others from making, using, selling, offering for selling or importing a particular invention. This right vests in the patent for 20 years, from the date of filing. The validity of 20 years is set to inspire people to create more or to add to their innovation. The holder of the patent is entitled to sue any person who violates the patent and chooses who to sell, grant or license the patent.
Benefits of Patent Registration
Exclusive authority over your invention
The patent registration gives the patent owner the right to prohibit others without the permission to make, use, sell, offer or importing patented inventions to others for profit purposes. On the other hand, the patent owner may determine who can use it according to negotiated terms and thus hold rivals at a disadvantage.
Increases your credibility in the market
If an invention is patented, it indirectly improves the brand value and can allow the company to charge the consumers a higher price. Especially if a product which is extremely useful on the market helps to extend the patent proprietor ‘s valuation.
Sue the third party in case of infringement
It gives the patent holder the legal right to file a case of infringement if anyone tries to exploit the patent without the owners’ permission. The patentee, his/her assignee, licensee, or agent has the right to institute a civil suit in a court not lower than District Court in a case of infringement.
The patent is a great asset and can to extract way more significant monetary benefits than any other intellectual property if managed intelligently. The owner can license, assign, or sell its patent whenever needed. Many pharmaceutical companies have made great profits through their patented products through licensing, assigning, etc.