Why Patent? Part I
Posted on January 4, 2008 - Filed Under Legal and Law
If you’ve wondered why you need a patent, this section will help you understand that.
The purpose of a patent is to protect the intellectual property of the inventor. Patents prohibit anyone other than the patent holder from making or selling the patented item (or using the business method, or planting the new plant, in the case of those patent types) without the permission of the patent holder. Some patent seekers intend to manufacture and sell the patented item themselves, while others intend to license the patent to others – in effect, selling the right to produce the invention while retaining ownership of the idea for a period of time.
Protecting Yourself
Protecting your ownership of an invention is the main reason why you should consider getting a patent. When you want to hold the ownership rights for an invention, it is imperative that you file for a patent as soon as possible. As the owner of the item it is very important to establish your rights.
Preventing Other People
The second main reason for obtaining a patent would be to prevent others from stealing from you. Without a patent, anyone can make, market and sell your product without you receiving any compensation. This is especially important in situations where your invention will end up becoming popular, possibly making a lot of money.
By preventing others from distributing, selling, or manufacturing your invention, you preserve your right to earn profits from the invention. This is usually the reason why large companies quickly seek patents for a new product idea, especially in the pharmaceutical industry.
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