Importance Of Patent Laws
A patent grants an inventor exclusive legal rights on his creation as well as on the process of production that his invention would require. It has a significant role to play in the commercial world as it promotes novel ideas and new creations.
When an individual invests his time and energy and comes up with a commercially profitable invention, he would not normally want others to take benefit of it. However, it is often difficult to safeguard your invention from all the unscrupulous people, as you might have to trust and discuss it with others for testing its viability and marketing prospects. In such situations, patent laws can help you protect your rights.
Patent laws give the inventor legal ownership over his invention and processes thereto in addition to the right of exclusive usage for a certain period, after which any other person can use that invention for his or her own gain. This provides legal safety to the inventor, who can then make the maximum commercial benefit out of his time and efforts invested into the product before another person can take benefit of it.
Patents are also crucial in cases where the inventor is willing to license the product, as the licensee may not prefer investing in a product that is not protected from counterfeiting. However, with the complicated legal and administrative processes involved, patents do not serve much of a purpose in case the product that lacks a good commercial viability or is to be sold only for a short period of time.
The true importance of patents is reflected in a scenario where the inventor had to work diligently and use his skills to develop an exclusive product that has some commercial benefit and can be successfully produced on large scale. 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 novel ideas and inventions.