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What is a patent and how does it help a company?

BananaIP Counsels > What is a patent and how does it help a company?

What is a patent and how does it help a company?

A patent protects inventions that are novel, inventive and capable of being used in the industry (utility). It grants an exclusive right to prevent others from making, using, selling, offering for sale or importing an invention in the country in which the patent is applied for. For example, if a patent is applied for in India the applicant will have the exclusive right to make, use, sell, offer for sale and import the invention in India.

Today, patents have become a very important tool in achieving business advantage. If a company has a patent over an invention then there is a clear cut advantage as they can maintain exclusivity for a period of 20 years from the date of filing of the patent application. The more the number of patents in a company’s portfolio the stronger and more valuable the company is supposed to be. In addition to the number of patents, quality of patents also matters a lot. It is advisable to approach an experienced and quality patent firm/agent in order to seek help and guidance on drafting, filing and prosecuting patent applications.