Patent is a monopoly right granted by the State to an inventor to exclude others from commercially exploiting the invention for a limited period, in return for the disclosure of the invention, so that others may gain benefit of the invention. Patents give patentee the right to prevent third parties from making, using, selling or offering for sale the patented product or process. Patents are territorial rights. This monopoly lasts 20 years from the date of filing (subject to grant and the payment of annual renewal fees).
Not all inventions are patentable. However most products and processes can be patented so long as they meet the following three criteria:
- They must be new
- They must be inventive (non obvious)
- They must be industrially applicable
IP is the intangible asset of a company. We at Lifeintelect help you in the process of IP identification, nurture and protection. Our patent services include: