Intellectual property – What are the advantages of filing a patent? By Athulya - March 20, 2019 Last Updated at: Dec 23, 2020 0 1885 Intellectual property - What are the advantages of filing a patent? More than 20 civil society organizations working on health problems have written to the government, to encourage innovation, eliminate patent restrictions and reduce the cost of important medicines and diagnostics needed for Covid-19. As we insure our health and life, it is critical to protect and safeguard any innovation that has been invented by a person. By assigning the item, product, service, etc. an IP status, it is defended against any illegal use. This feature explores what patents are and how they benefit us. Innovation implies exploring new territory that improves a product, service or procedure. Countless developments can be ensured through intellectual property (IP) rights. Explore our legal help services to protect your intellectual property, secure funding from Venture Capitalists & comply with the many regulations of the MCA information and resources to help you through your end to end business requirement. Register a Company PF Registration MSME Registration Income Tax Return FSSAI registration Trademark Registration ESI Registration ISO certification Patent Filing in india Intellectual property and Patent: Innovation is a fresh resolution for a technological glitch and can be secured through licenses or patents. Licenses secure the interests of innovators whose tools or ideas are genuinely noteworthy and financially fruitful, by guaranteeing that a founder or creator can control the business utilization of their idea. Why is patent important? An individual or organization that holds a patent has the privilege to keep others from manufacturing, trading, retailing, or stealing that innovation. This makes open doors for creators to sell, exchange or accredit their licensed ideas with other people who might intend to utilize them. Criteria to obtain Patent: The criteria that should be fulfilled to get a patent are set out in national IP laws and may contrast starting with one nation then onto the next. In any case, for the most part, to acquire a patent a designer needs to show that their innovation is new (novel), valuable and not blatant to somebody working in the associated field. To do this, it is mandatory to depict how their innovation functions and what it can do. International Patent: A patent is a private right that is approved by a government authorization. It just has a lawful impact in the nation (or area) in which it is allowed. So, innovators or organizations that need to ensure their innovation in outside business sectors need to look for patent insurance for their new advances in those nations. WIPO’s Patent Cooperation Treaty (PCT) is intended to make the way toward getting patent insurance in 152 unique nations in an easiest and cost-effective manner. Patent Your Innovation Right Now Let’s have a look at the advantages of filing a patent in India: You can claim the creation for the period of 10 years after official recognition. You can make use of it to put up a business. Rent out (for this situation license it) to active businesses. Prohibits any other individual or organization from utilizing, selling, offering service or solution. You can totally pitch the patent to other organization. Now let’s have a look at what are the advantages the patent owner enjoys: Patents perceive and reward creators for their economically fruitful innovations. Accordingly, they aid as an impetus for creators to create. With a patent, an innovator or independent venture knows there is a decent possibility that they will gain revenue on the time, exertion and capital they put resources into building up an innovation. In total, it implies they can win a livelihood from their effort. When an innovation goes onto the market, society in general stands to profit – both specifically, in light of the fact that it might empower us to accomplish something that was beforehand unrealistic, and in a roundabout way regarding the financial likelihood (business improvement and work) that can spill out of it. The income spawned from economically effective patent-secured technologies make it conceivable to fund further mechanical research and development (R&D), in this way improving the odds of stunningly better innovation getting to be accessible later on. A patent viably transforms a creator’s ability into an industrially tradable resource, opening up doors for business development and employment creation through certifying and joint endeavour, for instance. Having a patent additionally makes a private company progressively alluring to investors who assume an important position in empowering the commercialization of innovation. The technical information and business intelligence produced by the licensing procedure can start new thoughts and advance new developments from which we would all be able to profit and which may, in turn, meet all requirements for patent security. The patent can be recorded, offering strategy makers valuable bits of knowledge about where innovation R&D is occurring and by whom. This data can be valuable in moulding policy and administrative condition that enables an intellectual property to flourish. A patent can help prevent deceitful third parties from free-riding on the endeavours of the designer. Along these lines, patents that are as of now existing can be 99% like your creation. Yet, in the event that your innovation has either specialized development or monetary worth or both… furthermore, you can demonstrate it that your innovation is superior to existing ones by methods for results examinations testing and in the event that conceivable working model, at that point there is a solid plausibility that you may get patent for your creation. The most ideal approach to settling on this choice is to get assistance from patent lawyers. In conclusion, while there are a number of paybacks of Intellectual Property, the biggest benefit of applying for a patent is economical. It ensures that only the inventor can get pecuniary gain from the technology until and unless the creator permits them!