At the heart of patent law is simply the idea of creativity. That's what invention is, in many cases. Even when it is unintentional, it stems from the process of creatively thinking about a problem and a solution in a new way.
Many people spend their lives trying to come up with an invention that they believe will allow others to do something more efficiently. Inventors often patent their ideas to prevent someone else from capitalizing on their inventions as their own. Not every concept is patentable.
If you are a business owner, researcher, or inventor, you may believe that you have discovered a unique process or substance. In order to protect the findings that you have made and have time to develop them further before someone else takes advantage of it, you may need to apply for a patent.
Chemical formulations used to manufacture prescription drugs are much like other trade secrets in that they can also be patented. Two different concepts comprise this process: Patent and exclusivity. It's important that you understand how both work in terms of medications.
You work with your business partner to come up with an invention. It's going to be the basis for your new company. You think there is a huge market for it and no one else makes anything like it.
Applying for a patent may not be something you do often, but it's absolutely crucial for you to protect your invention. If you're thinking of starting a company based around that invention, the patent also protects your intellectual property so that you can profit off of it. This may give your new company much of its initial value. You do not want to make mistakes.
A patent is a very useful tool to protect inventions and other such developments. It ensures that the person who actually made that development has a right to it and cannot see their ideas stolen by a third party for profit when that third party did none of the work to create it in the first place. In this sense, patents are a way to drive innovation in the United States. For many companies, most of their value actually comes from the patents they hold.
The first year that your new company is in business goes very well. You've created a new product that clearly addresses a problem and meets a need. Consumers are happy to buy it, and you make plans to expand your product line.
A patent grants you the exclusive rights to an invention or a product, and no one else can copy that design as long as you hold the patent. This may seem like a simple concept, but it is critical in the business world, where a company's entire value can be governed by the patents it holds and the ability that gives the company to produce goods for its customer base.
The pharmaceutical company Takeda may not have expected to acquire a large liability when it bought the drug company Shire. However, the new owner of Shire has been forced to pay $155 million to Bayer over a patent infringement lawsuit.