A patent is the right given to an individual or a company by the government. A patent is a kind of license or legal document which confers the right for a specified time period and bars others (competitors) from making use of, selling or importing the patented product. A patent can be sold by its owner just like any other product.
Want to know more on Investment Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
Intellectual property rights are a recent addition and legally allow you protect a certain product or innovation from use by others (This is mainly competitors). Intellectual property rights help govern and control the use of scientific innovations. According to the trade-related aspects of the intellectual property (TRIPS) agreement, intellectual property rights are as follows:
This step involves elaborately disclosing your product to the patent professional. In this stage, the parties must sign a non-disclosure agreement. You have various details on your product like the area of invention, product description, advantages of the invention, its working, experimental results and so on.
In this phase, the patent professional carries out an extensive search on databases trying to find if your product matches any innovation which currently exists. After this the patent professional makes the patentability report.
After reviewing the patentability report, you must decide if you want to go ahead with the process of filing the patent application. Your product must contain an innovative factor which can be either in terms of technical advancement or economic significance. It must not resemble any existing patented product.
Drafting the patent could cost around Rs 20,000 to Rs 30,000. You can opt to write your own patent application, but hiring a patent drafting professional adds value to your application. Drafting of a patent requires sound technical and legal knowledge and therefore a patent professional with appropriate experience can skillfully draft the patent.
After reviewing the patented draft and carefully going through the technical details, you can file the patent application. You have to submit the patent application along with fees of Rs 1,600, Rs 4,000 or Rs 8,000 based on the type of application.
The request for the examination of the application is based on the type of applicant. Such a request is made within 48 months of submitting the application. The examiner goes through the application by evaluating various parameters like the subject matter and so on.
The examiner provides a report which contains details on prior arts which are similar to the claimed invention. You have to prove your product is different.
In this step, the applicant tries to communicate his novelty over prior arts as mentioned in the first report. Here the inventor sends a response to the examiner on how his product satisfies the patentability criteria.
The application will be reviewed and placed in order to grant the patent if it meets all the patentability requirements. Once the patent is granted, it is mentioned in the patentability journal.
A patented product increases brand recognition and helps the beneficiary establish it as a unique innovative product. Listed below are a few advantages of obtaining a patent:
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.