A patent is a kind of intellectual property. Patent protection means that an invention cannot be commercially created, used, distributed, imported or sold by another without the consent of the patent owner and gives the patent owner its legal rights. Knowing the patent protection policy is essential for anyone who wants to use, invest in and produce an innovation industrially.
Patents provide an incentive for companies or individuals to continue developing innovative products or services without the fear of infringement. For example, large pharmaceutical companies can spend billions of dollars on research and development. Without patents, their drugs and medicines could be duplicated and sold by companies that didn’t research or invest the needed capital for R&D. Patent protection is granted for an invention, a product, or a process, which brings a new technical solution. The invention, which is to be protected by a patent, must be new, useful, functional, and innovative; that is, the solution for which the patent protection is sought should not be an obvious one. Patent protection is usually granted for new innovative products, their composition and technology. The prevailing majority of patent applications are made to patent an improvement of previously existing patented inventions. After the patent was awarded, the patent owner has an exclusive right to prevent others from the commercial use of the patented invention.
In other words, patents protect the intellectual property of companies to help their profitability. However, patents also serve as bragging rights for companies demonstrating their inattentiveness.