Need For Patent Laws
Patent is a kind of intellectual property right that grants an inventor sole rights over his product along with the process through which that product is manufactured. It encourages innovative ideas and inventions and is thus considered very important in the commercial world.
When an individual puts in his time and effort and invents a commercially profitable product, he would not normally want others to take advantage of it. However, when you talk about your product in public or work towards promotion of the product, some infringement of your right over your invention may take place. In such cases, patent laws can help you protect your rights.
Patent laws give the inventor legal claim over his invention and processes thereto along with the right of exclusive usage for a particular span, after which any other person can use that invention for his or her own gain. This provides legal safety to the inventor, who can then make the maximum commercial benefit out of his time and efforts invested into the product before another person can take benefit of it.
Another factor that adds to the significance of patents is that they aid the inventor license out his invention for a profit, as most licensees are interested in exclusive rights over a product. However, with the complex legal and administrative procedures involved, patents do not serve much of a purpose in case the product that lacks a sound commercial viability or is to be marketed only for a short period of time.
The real significance of patents lies in cases where the inventor has put in a substantial amount of effort and ingenuity to develop a marketable product, particularly when a large scale production of that product is viable. Had such investments in terms of time and efforts not been given legal safety, there would have been no incentive for people to come up with innovative ideas and inventions.
When an individual puts in his time and effort and invents a commercially profitable product, he would not normally want others to take advantage of it. However, when you talk about your product in public or work towards promotion of the product, some infringement of your right over your invention may take place. In such cases, patent laws can help you protect your rights.
Patent laws give the inventor legal claim over his invention and processes thereto along with the right of exclusive usage for a particular span, after which any other person can use that invention for his or her own gain. This provides legal safety to the inventor, who can then make the maximum commercial benefit out of his time and efforts invested into the product before another person can take benefit of it.
Another factor that adds to the significance of patents is that they aid the inventor license out his invention for a profit, as most licensees are interested in exclusive rights over a product. However, with the complex legal and administrative procedures involved, patents do not serve much of a purpose in case the product that lacks a sound commercial viability or is to be marketed only for a short period of time.
The real significance of patents lies in cases where the inventor has put in a substantial amount of effort and ingenuity to develop a marketable product, particularly when a large scale production of that product is viable. Had such investments in terms of time and efforts not been given legal safety, there would have been no incentive for people to come up with innovative ideas and inventions.
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