Patent: A boon for an Inventor

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.