Patent Overview
A patent is a legal right to an invention and is granted to a person or company top revent others from replicating, using, or selling the patented invention. Patents are awarded by governments for a limited period of 20 years. Patents are important for techno-commercial success.
The reasons why Patents are important
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Patent Monopoly and Exclusivity
Patents provide monopoly or exclusivity on the product or process. A patent owner can exclude others from making, using, offering for sale, selling, or importing the patented product or process, thereby establishing a monopoly. Patent rights holders might be able to charge more or less for their protected product or process. -
Patent Term
Patent rights are for a limited period. In most countries, the Patent Term is 20 years. Patent right holders can enjoy the extension of the patent term in some countries such as the USA and Europe, in case of procedural delays. The additional patent term gives additional exclusive rights to retain market position to the Patent rights holders. -
Patents and Competitive Edge
Patents protect the owner’s achievements from rivals and provide a competitive edge. Patent rights holders have an advantage over their rivals by deterring unlawful usage and preventing others from replicating the invention/innovation. This would limit competition from imitators or prohibit rivals from replicating the inventions/innovations, lowering the potential danger of patent infringement and helping a patent holder become a dominating player in the respective technology domain. A patentable product or process gives you a competitive advantage in the marketplace. -
Patents Licensing
Patent rights holders are in an advantageous position as they can have the option of licensing the patented technology, which allows them to charge others for the right to utilise their patented creations. In addition, they have the legal authority to prevent anyone from utilising their protected/patented invention. Patent rights holders can file a lawsuit and seek damages for illegal use of their invention/innovation if they discover that someone has violated their rights. -
Patents Cross-Licensing
Patent Cross-Licensing is possible by way of agreements. The Patent rights holder can enjoy the royalties based on the cross-licensing agreement with the interested parties. -
Patents Monetization
The Patent rights holder can generate revenue by selling or licensing their patented invention/innovations. They can develop, manufacture, market, or commercialize their inventions/innovations for better business success. Patent rights are valuable assets. In case the patent rights holders are in debt, they can adopt various monetization strategies and come out from the losses. Many successful organizations have very strong Patent Monetization regimes. -
Patents and Profits
Since the Patent rights holders have exclusive rights on their product or process, they are in a good position to earn profits and get financial gain from it. The right holders are generally in a position to sustain themselves in the market based on their exclusive rights over the patented product/processes and retain their monopoly. Patent rights holders are in a good position to gain gross profit, operating profit, or net profit based on their innovative patented products/processes. -
Patents and Technology
The majority of the scientific data and technical data is disclosed in Patent documents, which helps researchers to opt for future innovation and development strategies. Many researchers find the gaps in the existing technologies disclosed in the related prior art for further techno-commercial development and future success of their projects. The expired or unenforced Patents and their disclosed technology can be utilized without any fear of infringement. Patent information on different technology domains is a magic tool for stakeholders of innovation. -
Patents and Technology Transfer
Technology transfer is the process of transferring technology from laboratories, universities, or other research organisations to industry. Quite often the technology and their technical know-how are well disclosed in Patent documents. In case of expired and or unenforced Patents, the Technology Transfer Managers can use them for commercial success and validate the lab-to-market approach. Patent Professionals play an important role to investigate the vital information hidden in the ocean of Patent documents and help researchers to facilitate innovation and provide leads towards technology transfer. -
Patents and Market Intelligence
Market intelligence studies provide comprehensive, accurate, and quality insights into the market size, trends, product evolution, major players, and market share. The new technology development area is based on Patents and is significant, as it helps to shed light on the acceptance of new technologies by the market along with the monetary success, plateau, or failure thereof. Deep-dive studies into the state of the market with respect to old or new technologies, products, and services based on various parameters including Patents come under the purview of Market Intelligence. -
Patents and Competitor Intelligence
The competitor patent portfolio information is crucial as far as business success is concerned. Competitor intelligence comprises competitor technology tracking, portfolio management, various stages and strategies of investment, technology transfer strategies, marketing, and financial planning. The study of Patents plays a vital strategic role during Competitor Intelligence evaluation. -
Patents and Industry Intelligence
The study of extensive breadth and depth of information about industries and all products, services, and technologies comes under Industry Intelligence. Patents can be another important parameter for Industry Intelligence and provide key insights. -
Patent Infringement and Damages
The Patent rights holder can litigate with infringers or those who violate their rights on certain products/processes. A successful outcome leads to generating commercial gain through damages and retaining monopoly in the appropriate territory wherein the rights are enforceable. -
Patent Valuation and Investments
Patents are an important financial tool. Their valuation can be done via economical, legal, or technical relevance. Cost, Income, and Market approaches are the classical methods, as well as quantitative methods such as renewal rates; value indicators are helpful to determine the value of Patents. If the Patent value is higher based on their impacts, investors get attracted to such successful Patents and their technologies. Patents are a useful tool to obtain funding from government and non-governmental agencies. -
Patent Audit and Investigations
Portfolio analysis helps to identify the potential and monetization opportunities associated with Patent assets. Patent Audits help to streamline the Patent Management System in an organization and overall R & D function.
Conclusion
Patents are the most important Intellectual Property Rights.For many firms, patent protection may be a useful economic tool as well as a significant investment in research & technology. Every firm may have an invention or innovation that must be protected since it might be a crucial and precious asset for techno-commercial business success.
R K Dewan & Co has completed over 79 years of committed and excellent service in the field of Intellectual Property with offices in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore and Indore, RKD is well poised to serve its 5000+ Indian and foreign in securing, enforcing and commercializing their IP rights in India and in 125+ countries. RKD has a top-notch team of 175+ highly trained professionals equipped to deliver promptly & efficiently. ISO 9001:2015 certified RKD advises clients in all verticals of IP including patents, trademarks, copyright, design, geographical indications, plant varieties & traditional knowledge. RKD assists clients with all aspects of IP from filling, prosecution, hearings & appeals, oppositions, cancellations, commercialization, brand valuation, litigation at all tiers of the judiciary, customs recordal, renewals to multi-jurisdictional portfolio management, infringement and anti-counterfeiting actions.
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