What Is a Patent?
A patent is an exclusive legal right granted for an invention, providing the patent holder with the authority to prevent others from making, using, selling, or distributing the invention without permission for a certain period of time. Broadly speaking, a patent protects a new product, new process, or new method that offers a novel way of doing something or delivers a technical solution to a specific problem.
To be eligible for patent protection, the invention must meet certain criteria, including novelty, inventive step (non-obviousness), and industrial applicability. Importantly, in exchange for patent protection, the inventor must publicly disclose detailed technical information about the invention through a patent application. This disclosure contributes to the overall advancement of technology and knowledge.
How Does a Patent Work?
Once a patent is granted, the patent holder has the exclusive right to decide how the invention is used. The patent owner can:
- Use the invention exclusively for commercial purposes;
- License the invention to others under agreed terms, allowing them to use, manufacture, or sell the invention;
- Sell or assign the rights to another party, who then becomes the new patent owner.
Licensing and selling a patent can provide significant commercial benefits, as patents are often valuable business assets that can attract investment, create partnerships, or generate revenue through royalties.
What Happens When a Patent Expires?
Patent protection is time-limited, typically lasting for 20 years from the filing date, subject to the payment of maintenance fees. Once a patent expires, the exclusive rights end, and the invention enters the public domain. At that point:
- Anyone can use, manufacture, sell, or distribute the invention without needing the former patent holder’s permission.
- The invention becomes part of the shared body of public knowledge, promoting further innovation and competition.
Why Are Patents Important?
Patents play a crucial role in encouraging innovation by:
- Rewarding inventors for their creativity and investment in research and development;
- Stimulating economic growth by enabling the commercialization of new technologies;
- Disseminating knowledge to the public through the required disclosure of technical information.
By balancing exclusive rights with public disclosure, patents help create an environment where innovation thrives and society as a whole benefits.
Source: World Intellectual Property Organization (WIPO)