By Dr. Vinod Surana
A patent is an exclusive right granted by a sovereign authority for an invention. It can be a product, process, a novelty or an improvement, or a solution to a problem. It plays an essential role in encouraging innovation and developments across all sectors. Inventors gain exclusive rights to the process or design for a fixed period (which varies per jurisdiction), In exchange, the creator must provide particulars regarding the invention.
Patents both incentivize and protect companies in research and development. The exclusivity granted by patents allows monopolistic production and sales of a creator’s work; absent that right... Continue reading