Patents
PatentsA patent is the public disclosure of the invention and the best way of practicing the invention, in exchange for the rights to that information for a set period of time namely being 20 years. A patent permits its owner to exclude members of the public from making, using, or selling the claimed invention.
This type of arrangement is a necessity for any type of scientific work. It allows other people to share in the ideas that have been thought and utilized by a company and/or individuals so that research is not unnecessarily performed twice. This is beneficial to the owner of the IP so that financial reward can be obtained, and knowledge can be freely publicized for others thereby not inhibiting the progression of technology and science. This is a necessary step in the flow of scientific information so that the entire system remains efficient.
The patent is a great way for protecting an inventor’s idea however there are some conditions attached to the granting of a patent. These are in relation to the use and history of the invention. The criteria that need to be met are that the invention is ‘Novel’, ‘non-obvious’ and commercial utility. The invention also has to work (be reproducible) and can not have been published publicly at any event prior to the filing of a patent. These factors need to be assessed before an application for a patent is filed
The patent is the most powerful method available to the owner of IP because it offers the most comprehensive cover, along with the most options in the ways that the idea can make money for the persons involved. Other means of protection are quite feeble in comparison to the patent, for example the trademark. The trademark can be used in conjunction with a patent, but by itself it only secures the right of a name and not the principal idea or processes behind the technology. This allows competitors to use your ideas without having to acknowledge the rights of the inventor, so the only advantage is relying on marketing, being the first and therefore customer loyalty and wanting a specific brand. A copyright is also not effective protection for the physical use of the inventor’s ideas it only provides protection for the ‘expressions of work’ and not the use of ides contained in the work. A patent is the only reliable way of protecting your work.
A patent allows several options of how you can utilize your idea. You can choose to follow the idea through yourself and try to commercialize the idea. This may not be the best option as it most probably will involve a large start up cost, this means that you will need a large amount of capital. This is especially true in the biotechnology industry where equipment may not come cheaply, and large trials are required to obtain reliable results of your work and hence a reliable commercial product....
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