A patent is a grant from the Government, which confers on the grantee, for a limited term of 20 years. A patent right to the exclusive use of his invention would not be prejudiced by the fact that his invention is made known to others. A patent owner has the right to decide who may or may not use the patented invention for the period in which the invention is protected.
Today’s marketplace is significantly different from the good old days. Large corporations now dominate the marketplace with fierce price cutting strategies. Large companies are forced to merge to simply compete in today’s extremely competitive market. Patent law is the branch of intellectual property law that deals with new inventions. Traditional patents protect tangible scientific inventions, such as circuit boards, car engines, heating coils, or zippers. However, over time patents have been used to protect a broader variety of inventions such as coding algorithms, business practices, or genetically modified organisms.
Increasing competition and global commerce have changed the way patents are approached and managed. Today, it is essential to have an intellectual property strategy that includes maximizing the potential value of a company’s patents as well as reducing unnecessary costs and risks.
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