+91-80695 78416 +91-89571 85858 welisten@finnid.in
Hire Virtual CFO Finnid ERP for FPOs & MSMEs Book a Consultation Sign in

PATENT

A patent is a crucial component of intellectual property rights (IPR), serving as a legal protection granted by the government to inventors for their novel and useful inventions. It provides the patent holder with exclusive rights to make, use, sell, or license the invention for a specified duration typically 20 years from the filing date of the patent application. This exclusivity ensures that the inventor can fully benefit from their innovation, fostering creativity, technological progress, and investment in research and development. To obtain a patent registration, an invention must meet specific criteria it must be novel, non-obvious, and industrially applicable. In other words, the invention should be new to the world, involve an inventive step not easily deduced by someone skilled in the field, and be capable of practical use in industry. Patentable inventions can include new processes, products, machinery, chemical compositions, or improvements to existing technologies. A patent registration not only protects the inventor’s rights but also serves as an asset that can be licensed, sold, or commercially exploited, contributing to business growth and competitive advantage. It plays a pivotal role in industries like pharmaceuticals, biotechnology, engineering, and software, where innovation drives progress and profitability.Patents are governed by the Patents Act, 1970, administered by the Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM). 

Schedule a ₹99 consultation Connect with us

Description

A patent is an exclusive intellectual property right granted to an inventor by a government authority, typically for a limited period, in exchange for detailed public disclosure of the invention. Here are the detailed features of a patent:

1.  Exclusive Rights : A patent provides the inventor with exclusive rights to prevent others from making, using, selling, or importing the patented invention without permission. This exclusivity is usually granted for a specific period, typically 20 years from the filing date of the patent application.

2.  Public Disclosure : In exchange for the exclusive rights, the inventor must disclose the details of the invention in a patent application. This disclosure is published by the patent office and becomes part of the public domain, contributing to the body of technological knowledge.

3.  Legal Protection : Patents offer legal protection, allowing inventors to enforce their rights against infringers through civil lawsuits. Patent holders can seek damages, injunctions, and other legal remedies against unauthorized use of their patented inventions.

4.  Inventive Step : To be granted a patent, the invention must demonstrate an inventive step or non-obviousness, meaning it should not be obvious to someone skilled in the relevant field. The invention must represent a significant advancement or improvement over existing technology.

5.  Patentability Criteria : Patents are granted for inventions that are novel (not previously disclosed), involve an inventive step, and are capable of industrial application (useful and applicable in industry). Certain types of inventions, such as methods of medical treatment and software algorithms in some jurisdictions, may be excluded from patentability.

 

Frequently Asked Questions

Browse practical answers curated by our CA and CS desks for PATENT.

Purpose & Applicability
Key Requirements & What To Include
Procedure & Compliance
Benefits, Risks & Best Practices

Purpose & Applicability

. It is the formal process of applying for and obtaining ex

Inventors or organisations that create new devices, processes, methods or improvements that are novel, non-obvious and industrially applicable should consider it to protect and commercialise their invention.

Protection exists when you register and the patent is granted; without registration, you may lack enforceable rights, so it is highly advisable for commercially valuable inventions.

Inventions like new machines, processes, chemical compositions, methods of manufacture, or improvements thereof can qualify if they meet novelty, inventive step and industrial applicability criteria; abstract ideas, mere discoveries, methods of doing business or purely scientific theo

Key Requirements & What To Include

The invention must be new (not publicly known), must involve an inventive step (non-obvious to a person skilled in the field) and must have industrial application (capable of being made or used in industry).

Required items usually include: a description/specification of the invention, claims defining its scope, drawings if applicable, inventor details, applicant details, and the prescribed application and filing fee.

Yes — it’s best practice to conduct a prior-art search to check if similar inventions exist; this helps assess the novelty and strengthens the application.

Yes — things like mere discoveries of natural phenomena, abstract ideas, mathematical methods, methods of treatment of humans/animals, and business methods (without technical character) are often excluded from patentability.

Procedure & Compliance

Typical steps: (1) prepare and file a patent application (provisional or complete specification); (2) application gets published (usually around 18 months later); (3) request examination within prescribed time; (4) respond to objections or office actions; (5) if examination clears, gr

It can take several years (often 2-7 years or more) depending on the jurisdiction, the complexity of the invention, and how quickly objections are cleared.

Once granted, the patentee must pay renewal/maintenance fees periodically (usually annually from year 3 onwards) to keep the patent in force, and the patentee must enforce the rights against infringers.

The application may be deemed abandoned, refused, or the granted patent may lapse or be revoked for non-payment of maintenance fees, limiting or losing protection.

Benefits, Risks & Best Practices

Benefits include exclusive rights to exploit the invention, legal protection against others copying, licensing revenue opportunities, enhanced credibility with investors/customers, and competitive advantage.

Challenges include high costs (preparation, filing, prosecution, maintenance), time delays, possibility of rejection, risk of litigation for enforcement, and if maintenance fees are not paid, loss of rights.

Mistakes include disclosing the invention publicly before filing, submitting incomplete or weak specifications, neglecting novelty search, delaying the filing, omitting key claims, or lacking budget for prosecution and maintenance.

Connect Ask Empower. PATENT?

Submit your query and our CA/CS desks will respond with a vetted answer within 24 working hours.

Max 500 characters

Live community responses

Explore verified answers. Filter by topic and follow threads for updates.