01 — The Essentials
What Is a Patent?
A patent is an exclusive statutory right granted by the government to an inventor or assignee for an invention that is:
- Novel
- Involves an inventive step
- Capable of industrial application
Under the Patents Act, 1970, the patent owner receives the exclusive right to prevent others from:
- Making the invention
- Using the invention
- Selling the invention
- Offering it for sale
- Importing the invention
without authorization.
Why Patents Matter
Patents encourage innovation by rewarding inventors with exclusive commercial rights.
Benefits include:
- Protection against competitors
- Commercialization opportunities
- Licensing and royalty income
- Increased business valuation
- Enhanced investor confidence
- Strong market advantage
