Patent

A patent is an exclusive right granted for an invention, which allows the patent holder to exclude others from making, using, or selling the invention for a limited period of time, typically 20 years from the date of filing. This right is territorial, meaning it only applies in the countries where the patent has been granted. Obtaining a patent requires demonstrating that the invention is novel, non-obvious, and useful. Patents incentivize innovation by providing inventors with a temporary monopoly, allowing them to recoup their investment and profit from their creations before others can freely copy them. The application process can be complex and expensive.

Patent meaning with examples

• The inventor secured a patent for her groundbreaking water purification system, preventing competitors from replicating her technology for the duration of the patent's validity, allowing her to dominate the market.
• Pharmaceutical companies often rely heavily on patents to protect their drug formulations, ensuring they are the only ones who can manufacture and sell the medication for a specified period, justifying years of costly research.
• After years of research and development, the software engineer decided to patent his algorithm, giving him the legal right to prevent others from incorporating his work into their applications, protecting his intellectual property.
• The company's extensive patent portfolio, encompassing various aspects of its manufacturing process, creates a significant barrier to entry for potential competitors, safeguarding their market share and innovative advantage.