Need For Patent Laws
A patent is an intellectual property right given to a creator for his invention as well as for the process applied for creating that product or invention. It plays a very important part in the commercial world by promoting novel ideas and inventions.
When an individual invests his time and energy and comes up with a commercially viable product, he would not normally want others to take advantage of it. However, it is not easy to monitor each and every violation of your right over your invention as you might be needed to discuss it in public for marketing purposes. It is here that patent laws come into the picture.
Patent laws allow the inventor to make exclusive use of the product or the manufacturing process for a stipulated period and then allow the product or process to enter into the pubic domain where it can be accessed by anyone for any purpose. This enables the inventor to get benefits of his efforts while he is under the protection of law and permits him to initiate legal action against any person who is found to be infringing his patent.
Patents are also important in cases where the inventor is willing to license the product, as the licensee may not want to invest in a product that is not protected from counterfeiting. However, given the legal procedures involved in filing and being given a patent, they are not essential for products that are not commercially viable or are meant to be sold for a very limited period.
Patents are most important in a scenario where the product, which has been created through hard labour and expertise of a person or a group, has good prospects in the market due to some exclusive advantage that it offers. Had such investments in terms of time and efforts not been given legal protection, there would have been no real benefit for people to come up with innovative ideas and inventions.
Discover more about Trademark Registration Singapore and discover how does an Intellectual Property protection increase the net worth of your business very fast.
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