The concept of patents can be traced back to the 14th century and it has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the actual improvements in technology made by these businesses. In essence, a patent is often a set of exclusive rights granted with a country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, re-decorating . 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 limited period of time, and in most cases the product patent right has limitations to 20 years.
The exclusive rights granted to a patentee have business impact, some that are listed below:
A patentee gets the liberty to enjoy monopoly over the 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 a refreshing pool of patent information and improvise on existing technology
Competitors can have to create non-infringing services processes
The business impact of patents can be used enhance the competitiveness of a business enterprise. A wholesome, systematic and customized approach towards patents is crucial to make use of the power of patents to positively impact your corporate.
4 fold approach for enhancing competitiveness
Build product ideas 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 patent an invention the approaches for improving competitiveness of an organization is by having product differentiators. Product differentiators are delivered by developing products which are technologically superior, has newer/better features or addresses specific needs of consumers. Sometimes, there may possibly be any changes forced to the product, however, companies might differentiate themselves from competition through providing products at reduced deals. This might be possible by making changes towards the processes present in producing pill. Such modifications intended to the products/processes might be patent desirable. Hence, when a company feels these people have made some modification that may patent worthy, it is to contemplate the regarding having such improvements protected by a patent.