A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the India Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees.
The procedure for granting patents, requirements placed on the patentee, and the extent of the exclusive rights vary widely between countries according to national laws and international agreements.
There are three types of patents:
1) Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement thereof;
2) Design patents may be granted to anyone who invents a new, original, and ornamental design for an article of manufacture; and
3) Plant patents may be granted to anyone who invents or discovers and asexually reproduces any distinct and new variety of plant.
Benefits of Patent registration
1) Building business around the invention
2) Having patent helps in raising capital for business
3) Patent rights can be licensed to other companies to receive royalty payments
4) You can sell the patent
5) Being owner of the patent you have rights to block others from
c) Selling or offering for sale, and
d) Importing the patented invention
6) Thus businesses and inventors can have a complete monopoly and competitive advantage
7) Exclusive rights
8) Strong market position
9) Higher returns on investments
10) Opportunity to license or sell the invention
11) Increase negotiating power
12) Create positive image for your company
Procedure for the Patent registration