Why Should You File a Patent in India

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Date: 26 May 2023

Why Should You File a Patent in India

A patent is a governmental grant that bestows property rights upon an inventor. In return for providing detailed disclosure of their idea, the inventor is granted temporary exclusivity over their patented method, product, design, or creation. Patents embody intangible rights and differ from copyrights, as patent protection requires a formal application process and prohibits prior public disclosure of the innovation. This ensures that it is imperative to file a patent in India to secure legal protection for the invention. This is where patent services online come to your rescue.

Entrepreneurs worldwide typically utilize two main types of patents: design and utility.

Design Patent

Design patents safeguard the ornamental design or outward appearance of a product. In comparison to other patent categories, they are generally more affordable, easier to file, and tend to receive acceptance from the Intellectual Property Office (IPO) relatively quickly. Design patents have a lifespan of 10 years, which can be further extended for an additional 5 years.

Utility Patent

Obtaining a utility patent is generally accompanied by higher costs, greater reliance on attorney involvement, and increased difficulty securing approval from the Intellectual Property Office (IPO). However, due to its ability to provide more extensive and comprehensive protection for methods or functionalities, a utility patent offers superior safeguarding compared to a design patent. If someone wishes to create a product similar to a patented invention, they must ensure they do not infringe any of the patent's claims. A utility patent remains in effect for a lifespan of 20 years.

Why Do You Need a Patent for Your Invention?

Patent protection often represents a vital technological investment and a valuable commercial asset for numerous businesses. Every organization may possess a significant technology or invention that warrants protection due to its critical and invaluable nature. Understanding the benefits of patent rights can be crucial and indispensable for a company's success, underscoring the importance of filing a patent in India.

How to Apply for a Patent?

A wide range of activities, such as promoting, manufacturing, commercializing, and establishing partnerships, become feasible once you have a patent for your innovation. Once you have all the required information about your invention (i.e., actionable details), you can apply for patent in India. Now, let's explore the essential steps in filing a patent in India.

  • It is important to capture as many details as possible regarding the invention (idea or concept).
  • Finding out whether your idea is original (Novelty Search/Patentability Search)
  • Writing patent applications and drafting patents
  • The submission of the patent application
  • Publication of the patent application
  • Arduous examination
  • Address any concerns

Transforming a promising and original concept into intellectual property through patent services online, such as a patent, involves the process of developing it into a tangible invention, securing patent protection, and subsequently commercializing it to generate revenue.

While a good concept forms a strong foundation, it is essential to undergo various stages and engage in activities to assess the feasibility of transforming it into a patentable invention. Additionally, evaluating its market potential is crucial to determine the likelihood of success in the marketplace.

Reasons Why You Should File a Patent in India

Numerous advantages are associated with patent rights, which vary based on market demand and availability. Here are several compelling reasons for you to consider:

Getting Exclusive Rights

By obtaining a patent, the owner gains exclusive authority to prevent others from utilizing their original concept or capitalizing on their established reputation for their products and services. This includes using, importing, or offering the patented innovation for sale. A patent in India grants the owner the right to exclude others from using the protected invention without their consent or approval. It also empowers the owner to restrict competitors from enjoying the same rights. Throughout the period of patent protection and within the country where it is granted, the patent holder can selectively permit or deny the usage of the patented invention by others.

Boost Revenue

Patent owners have the potential to generate revenue through the commercial exploitation of their inventions. By possessing exclusive rights to create, import, sell, and use the invention, patent holders can enhance their market position and capitalize on their innovation. A patent can increase selling prices by offering buyers a new and unique method or product. With competitors prohibited from offering a similar product, returns, and sales typically experience an increase. Therefore, filing a patent in India or any other desired country is essential to safeguard and capitalize on your innovation.

Additional Licensing Revenue Stream

When you apply for patent in India, it enables you to grant others the right to use or manufacture the patented ideas in exchange for royalties or compensation. In such licensing agreements, the patent holder retains the role of the licensor. The licensee agrees to pay predetermined royalties at a specified rate throughout the contract. These royalties may be based on a portion of the sales generated from the products or processes covered by the licensed patent. The payment can be made as a one-time fee or regular basis. By entering into licensing agreements, patent owners can potentially establish a consistent source of future income.

Enhance Valuation

Patent protection through online patent services can contribute to developing and maintaining entry barriers in the market, enabling the patent holder to regulate access to their technology. This control over access can enhance the product's commercial value and increase the technology's market value. Moreover, patent protection can potentially elevate a company's worth during investment discussions. Furthermore, the sale of patents typically leads to an increase in the company's overall value.

Acquire Money

Equity investors, venture capitalists, and government grants increasingly recognize the value of patents and are willing to provide financial support for patent acquisition. These stakeholders are becoming more knowledgeable about their patent rights and understanding the significance of patent protection. Before providing funding, they typically seek assurance that an awarded patent legally safeguards the invention and that a well-crafted patent adequately protects their investments.

Wrapping Up

As mentioned previously, applying patent in India offers several advantages, including the ability to attract investments, access new markets, transfer new technology, gain a competitive edge, and engage in cross-licensing for accessing new technologies, among others. Therefore, it is crucial to protect your innovation by filing a patent in India. We recommend contacting Online Patent Filing if you require assistance with filing a patent in India or other legal matters.