Business Study

Patent Act – Characteristics, Importance and Indian Patent Act, 1970

Patent Act
Written by webpunit

Patent Act – Patent or patent is a group of exclusive rights granted by a country to an investigator or to a person named by him in exchange for making his research public. It is given for a fixed period.

The process of grant of a patent, the conditions to be fulfilled by the patentee and the scope of the said rights are different from one country to another. Under the patent law, the patent holder is entitled to certain exclusive rights in respect of production, sale, and use for a specified number of years: statutorily, a patent-granting does not confer the right to use or sell a search Be done, but it prevents others from doing so. A person or company will be guilty of patent infringement if they use it if it marks it for their use; If he purchases one part and mixes the other, it dissolves.

Characteristics of Patent

Characteristics of patent are as follows:

1) If more than two persons have jointly applied for the patent license, both will own the patent separately.

2) In spite of the ownership of the rights, the use or exploitation of the rights by the owner of the patent may not be possible due to other laws of the country which has awarded the patent.

3) A patent in the law is a property right and hence, can be gifted, inherited, assigned, sold or licensed.

4) As the right is conferred by the State, it can be revoked by the State under very special circumstances even if the patent has been sold or licensed or manufactured or marketed in the meantime.

5) The patent right is territorial in nature and inventors/their assignees will have to file separate patent applications in countries of their interest, along with necessary fees, for obtaining patents in those countries.

6) A new chemical process or a drug molecule or an electronic circuit or a new surgical instrument or a vaccine is a patentable subject-matter provided all the stipulations of the law are satisfied. The machine, manufacture, composition or matter or any new and useful improvement thereof, may obtain a patent”.

patents are the strongest form of intellectual property, giving rise to a monopoly in the working of the invention in relation to a product or process granted originally for a wide variety of trades and business ventures, many of which owed little to the invention.

Importance of Patent

The importance of the patent is as follows:

1) A patent gives one the right to exclude others from making the product.

2) As a patent gives exclusivity, the patent holder has time to market the invention without competition making him/her able to charge higher prices.

3) It gives the right to initiate legal action against anyone that is making or selling, without permission, the patent holder invention.

4) One can make money by licensing or selling the invention to someone else.

5) It gives one priority over third parties wanting to register their patents in countries that do not require registration.

6) It protects inventors and investments made to get the invention by rewarding for intellectual activity.

7) Patents protect inventions in all technological fields as long as they have industrial applicability. Such as machines, chemical compounds, and electronic systems.

Also Read:-Copyright

Indian Patent Act, 1970

Patent protection was first introduced in the 18`h century. Patent Right varies from country to country. In India, the law which governs patent right is “Indian Patent Act 1970”.

Indian Patent Act, 1970 grants exclusive rights to the inventor for his invention for a limited period of time. Generally, 20 years’ time has been granted to the patent-holder but in case of inventions relating to the manufacturing of food or drugs or medicine, it is for seven years from the date of the patent.

There is a certain legal procedure that needs to be followed in order to register. There are several attorneys helping inventors in patent registration by providing them best well-informed knowledge. In the case of a deceased inventor, this can be done by his legal representative on behalf of him. All the required documents need to be filed along with the application form. This right is available for a limited period of time.

Innovation

Innovation can only be considered innovative if it is not part of the existing technological information or position available globally. Information that appears in magazines, technology magazines, books or newspapers is considered to be published information. The innovation may also be lost due to the verbal description of the seminar or the conference. If any invention is made public before filing a patent, that invention cannot be considered innovative. As well as the pre-application of the invention before the date of the patent application in that country, the invention also loses innovation.

About the author

webpunit

Professional Blogger, Youtuber, Entrepreneur And Digital Marketer, Founder of Eazzyone

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