Summary:
In this write-up, we discuss some basic and some unique things about Patents. The all case scenario of – How, What, Why, Where and When of registering the Patent and its benefits to the person intending to register.
Let’s say you want to build a new business around a niche idea which you have, that has never been commercialized before and has the potential to revolutionize the market single handedly. You invested several years and hard-earned money in the study of this concept to create a new product from it. Now imagine that a well-known industry titan somehow learns about this idea through an insider and its potential to disrupt the market. That giant creates and launches a new product from the idea you were working on using its financial clout and connections before you could even develop it. What recourse you will have if you suffer such potential loss? This is where an Intellectual Property or say patent right enter the picture.
A patent is an exclusive right granted by the Government to the inventor to exclude others from using, making and selling an invention for a specific period of time. In India, the first Patent Act was enacted in 1911 and it has since undergone several amendments. The Indian Patents Act, 1970 (as amended in 2005) governs patents in our country. The Act provides for the grant of patents for inventions which are new, involve an inventive step and are capable of industrial application.
So why do you believe one should register their unique idea as an intellectual property..??
The notion of a patent is based on the principle that an inventor should be given a reward for inventive skills and creativity. A patent gives the inventor a monopoly over his/her invention for a limited period of time. The need for patent rights is also very crucial for encouraging innovation and promoting economic growth. Investors would be hesitant to invest in new products or ideas without patent protection, and the flow of innovative products and services would be greatly reduced. Furthermore, patent rights help to ensure that companies are compensated for their investments in research and development, which helps to fuel economic growth.
What potential severe consequences could non-filing of patents have?
There are a few likely drawbacks of not registering an intellectual property or patent
- If you do not register your IP, you may have a more difficult time enforcing your rights if someone does infringe on your work.
- If you wait longer to register your IP, someone else could beat you to the punch and register it first. This could prevent you from being able to use or commercialize your own work.
- You might lose out on certain advantages, such as statutory damages or attorney's fees, if you don't register your intellectual property.
- Finally, if you later decide to register your patent, you may have to pay additional fees to get it done.
Coming back to basics, what can be Patented and what cannot?
Any new and useful process or logic, machine, manufacture or composition of matter, or any new and useful improvement for either of the above, can be Patented. A software code, as small as a single line that creates some logic and meets certain criteria of novelty, non-obviousness and usefulness, can be Patented. What cannot be patented is only that which is already there in the public domain and for obvious reasons things like laws of nature, natural phenomena and abstract ideas cannot be patented.
Just ask yourself a question, has there been any new process / pattern / logic created? Lets get this Patented.
You must be pondering if one registers a patent here in India, will that be an adequate deterrent from infringers across the globe..?
Patent rights are territorial in nature. That is, a patent granted in a country does not give its owner, the right to prevent others from making, using or selling the invention in another country. However, most countries have reciprocal agreements with each other that recognize and respect each other’s patents.
In India, patents are granted by the Government of India through its patent office after a thorough examination of the invention to ensure that it is new and useful. The term of a patent in India is usually 20 years from the date of filing of the application. During such period, no one else can make, use or sell the patented invention without the permission of the patentee. After the expiry of the term, the invention becomes public property and anyone can use it without taking any permission from anyone.
Ever wondered why the concept of patents and their registrations are unheard to a large extent in Indian market? Because a major chunk of inventors get their patents registered in United States of America (USA) for a number of good reasons.
One of the major advantages of registering patents in USA is existence of a strong patent system. The US patent system is designed to encourage innovation and protect the rights of inventors. This system provides many benefits for those who file patents in the USA.Another reason is that the USA is a large market and the inventors who file patents in the USA can reach a large number of potential customers. This makes it easier to commercialize their inventions.The USA also has a well-developed infrastructure for research and development. This infrastructure includes universities, laboratories, and other organizations that support inventors. This infrastructure makes it easier for inventors to develop their inventions and get them patented in the USA itself. Finally, USA has a lot of experience with patent law. There are many lawyers and other professionals who specialize in patent law in the USA. This experience can be helpful for those who are filing patents in the USA.
As discussed above, given the importance of a patent right, it is always a good idea to have your IP rights registered and for that we have our experts at 3 clicks away.
Do check out our continuing blog on Patents to know more on this topic.
I look forward to seeing how these developments will improve service levels and customer satisfaction in the freight industry!