A patent is a legal device used to protect intellectual property. When someone creates an invention or a major new development, they can patent that product and they then have the exclusive right to make and sell that product – usually for the next 20 years. Other companies are not allowed to infringe on this patent.
But why is the system in place? Why was the law designed in such a way that it would protect a company’s intellectual property?
A reward for development
First and foremost, the patent system rewards companies for developments because they are exclusively allowed to make sales. When someone invents a product that changes the market, the financial benefits can be tremendous. This helps companies be successful and means that every new invention isn’t just immediately stolen and copied by dozens of other companies. Major corporations will put millions of dollars into research and development every year because they know the value of having the right patents.
Driving innovation
Similarly, patents are used because they’re seen as a driver of innovation in the marketplace. If any business was simply allowed to use any existing product design, business owners would have far less incentive to come up with new products, to create better designs or to meet market demand. It would be cheaper and easier to continue selling the same products that had already been invented. So patents help to push developments forward, especially when it comes to technology.
As you can see, patent law is very important on numerous levels. Those seeking or defending patents need to be aware of their legal options.