In the world of intellectual property, especially dealing with
patenting the inventions, an inventor should not limit thinking up a novel;
furthermore he should hold an inventive product which needs to be manufactured
with useful application and sold at affordable price. The challenge always remains
for an inventor to make economically efficient product by maintaining the better
quality. A patent really plays a vital
role to protect the invention and gives the exclusive right to the inventor
from excluding others to make, sell or use his own invention. Patent provides a
platform for owners to transact with potential investors or other business
partners keeping their intellectual property rights safe. Generally, Inventors
are often not in a position to produce or market their invention from their own
resources, hence many patent holders actually licence the rights to their
invention to a third party in exchange for a royalty fee or sell their patent
for a lump sum fee.
As per manufacturing process is concern new inventions is
prior need and for the invention patent is very important. The role of patent
in industrial sector is huge. The possibility of making profits from this special
form of protection; benefits research activity resulting into getting higher
incentive for new investment. Since, patent could be referred as commercial property
which allows the patent holder, assignee and licensee the best opportunity to gain
maximum profit from the invention by preventing others from copying it. As a
whole patenting the invention is the boon for an inventor and encouraging factor
for research activities all around.