The concept of patents can be traced back towards 14th century but it has consistently evolved over time. The thought of patents was introduced to encourage innovators by awarding exclusive rights the actual years improvements in technology made by your kids. In essence, a patent is really a set of exclusive rights
new invention ideas granted by a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, the particular to exclude others from making, using, selling, importing, offering for sale or distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for a small period of time, and in many the right is restricted to 20 years.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly the particular patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other methods for monetizing
Engineers and scientists can access an excellent pool of patent information and improvise on existing technology
Competitors could have to create non-infringing providers processes
The business impact of patents can be used functioning . the competitiveness of a business. A wholesome, systematic and customized approach towards patents is crucial to use the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively safeguard your business interests
Respect others intellectual property
Intelligent approach to product and process development
Build a patent fortress
One among the approaches for improving competitiveness of a business or company is with product differentiators. Product differentiators are resulted by developing products will be technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there perhaps may not be any changes which is designed to the product, however, companies might differentiate themselves from competition by offering products at reduced value. This might be possible by making changes towards processes employed in producing pill. Such modifications intended to the products/processes might be patent best. Hence, when a company feels that they have made
patent a product some modification that may be patent
how to patent worthy, it is important to contemplate the idea of having such improvements protected by a patent.