The complete patent is an exclusive legal right of an inventor, giving him/her the legal authority to exclude others from making, using, selling, offering for selling or importing a particular invention. This right vests in the patent for 20 years, from the date of filing. The validity of 20 years is set to inspire people to create more or to add to their innovation. The holder of the patent is entitled to sue any person who violates the patent and chooses who to sell, grant or licence the patent.
Title of the invention
Name, address, contact details and nationality of each applicant for the patent.
Detailed description of the invention and details about what the patentee wants to claim out of the invention
These documents are required for procuring subsidized cost
Technical details about the invention and drawings along with copy of Provisional patent (if filed)
Dsc of the applicant, if the applicant does not have DSC, it can be provided by LegalWiz with an additional charge
Anything that’s is a mere discovery, and does not have any inventive step
Anything that’s frivolous, obvious, contrary to law, injurious to public health and inventions relating to atomic energy
A mere arrangement or rearrangement or duplication of known devices, and anything that does not have any utility
A method of agriculture or horticulture
The patent registration gives the patent owner the right to prohibit others without the permission to make, use, sell, offer or importing patented inventions to others for profit purposes. On the other hand, the patent owner may determine who can use it according to negotiated terms and thus hold rivals at a disadvantage.
It gives the patent holder the legal right to file a case of infringement if anyone tries to exploit the patent without the owners’ permission. The patentee, his/her assignee, licensee, or agent has the right to institute a civil suit in a court not lower than District Court in a case of infringement.
If an invention is patented, it indirectly improves the brand value and can allow the company to charge the consumers a higher price. Especially if a product which is extremely useful on the market helps to extend the patent proprietor ‘s valuation.
The patent is a great asset and can to extract way more significant monetary benefits than any other intellectual property if managed intelligently. The owner can license, assign, or sell its patent whenever needed. Many pharmaceutical companies have made great profits through their patented products through licensing, assigning, etc.