The patent is an exclusive legal right of the patentee that grants him the legal authority to prohibit others from making or using a patented invention. A provisional application is a brief synopsis disclosing the essence and the nature of the invention. It is the preliminary application that can be filed before filing the complete specification. It explains the patent in brief but not completely. Filing a provisional patent is very useful for inventors as it locks the priority date and secures the invention so that no one else can claim authority over it.
Benefits of filing a provisional patent application
Establishes Priority Rights
Filing a provisional patent enables the applicant to secure a priority date for his patent and thus refraining any other individual from filing such a similar patent.
Gauge the Worth of Invention
Filing a provisional application is a simpler and affordable step for initial patent protection. The inventor gets 12 months’ time before filing the complete specification which is referred to as complete patent in the common parlance. This period gives the applicant enough time to contemplate whether the invention has enough potential to be patented and gauge its feasibility. Changing the decision within these 12 months does not attract any charges/penalties and the applicant can cautiously decide if the investment is worth it. Also in that case, it will also not get published and will not come in the public domain.
Buys Time to make required changes
A provisional patent gives the inventor time to work on the invention and brush up on its utility, novelty, and the inventive factor until it is finalized as per the established standards. A period of 12 months is given to file the final patent draft called a complete specification.
The patent is a great asset and can extract way bigger 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.