The concept of patents can be traced back towards 14th century additionally has consistently evolved over time. The concept of patents was introduced product ideas to encourage innovators by awarding exclusive rights the actual improvements in technology made by them. In essence, a patent can be a set of exclusive rights granted through country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, ideal 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 most cases the right has limitations to 20 ages.
The exclusive rights granted to a patentee have business impact, some of which are listed below:
A patentee gets the liberty to enjoy monopoly in the patented invention for 20 years
A patentee can monetize his patented invention by selling or licensing out his rights, in addition to other ways of monetizing
Engineers and scientists can access a patent invention wealthy pool of patent information and improvise on existing technology
Competitors will have to create non-infringing services processes
The business impact of patents can be used function the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is called for to use the power of patents to positively impact your sector.
4 fold approach for enhancing competitiveness
Build a patent fortress
Proactively new invention safeguard your business interests
Respect others intellectual property
Intelligent ways to product and process development
Build a patent fortress
One of the approaches for improving competitiveness of a service is getting product differentiators. Product differentiators are caused by developing products will be technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there might not be any changes which is designed to the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes into the processes used in producing pill. Such modifications assisted to the products/processes might be patent desirable. Hence, when a company feels may have made some modification that end up being patent worthy, it is very to contemplate the involving having such improvements protected by a patent.