Top Benefits of Patents Registration in 2022

“A magician never reveals his secrets”, is a very famous saying. But one wonders what if he reveals it. Wouldn’t it open pandora's box and spoil the entire magic? Wouldn’t years of hard work and resources spent to master this highly skilled art go in vain? Wouldn’t others try to copy and make the audience lose interest in this art form?

These are precisely the kind of questions one needs to ask when thinking about the utility of patent registration. Imagine waking up to the news of a new product launch similar to the one you had invented just completed a few days back. The news would pretty much shake you and one might be having a completely uncertain future.

In today's digital times, where news spreads like wildfires and in seconds even the most confidential of information can be made public, securing the years of hard work with proper measures is the key. This is just one of the key points of registering a patent. There are several other benefits which are pretty useful in this digital era.

So, without further ado, let’s dive right into the advantages of having a patent for an incredible invention:

Prevents Misuse/Copying of Invention

Hands down, this is the single biggest benefit of getting an invention patented. One never knows who is slowly trying to take advantage of the tremendous effort and work one has put in. Especially in the corporate world, where a trade secret has the value running in millions or billions, a groundbreaking new invention could just wreak havoc in financial terms if leaked.

Patent registration acts as a solid defense, prevents others from spoiling the fruit of hard work, and gives the original inventor his/her due recognition and protection. It also guards the invention against similar registrations in future which might just be tweaked variants of the original one.

Provides Royalty in the Event of Licensing

In these tech times, we live in, where the startup/entrepreneurship boom is in full swing, there is a high likelihood of a viral product being chased by many big-pocket conglomerates or players. In such a case, patent registration gives the inventor the power to negotiate the terms and also license the use of the product by other parts as to the inventor’s acceptable terms and conditions.

The benefit of a regular royalty along with recognition is a significant advantage of getting the invention registered.

Provides Exclusive Rights

A registered patent grants certain exclusive rights and privileges to the patent holder, namely, the right to sell, use, create, distribute, import and export their invention/product as per their laid out terms.

These rights mean that the holder has free will to choose whether or not to market his product via a third party and also claim a certain percentage of profit in the event of marketing.
Patent registration thus provides for monopoly and exclusive privileges unless otherwise stated or licensed.

Acts as a Boon for the Scientific Community

A registered patent means that the underlying invention has something that is truly novel, and unique and can benefit society as a whole. It also establishes the patent holder as a credited and trustworthy person with excellent knowledge who can help the scientific community with his products. It gives his tireless efforts due recognition and appreciation and acknowledges his hard work in making the community proud.

A lot of budding startups, and communities can use the invention as a stepping stone and work towards creating more advanced and sophisticated products on those lines.

Provides for Penalisation in the Event of a Violation

Legal protection without penal provisions is like a toothless tiger. Efforts and contributions that take up one’s life work should be heavily safeguarded. Penal provisions need not be just to intimidate others for violation, they can also be used to prevent frivolous claims from arising in future just by tweaking existing processes. Penalty for similar processes motivates the community to come up with something really novel that can benefit society. If still, one copies a registered patent, it amounts to legal infringement and the penalties can be very heavy.

Final Thoughts:

Patent protection is a challenging task, one needs to be guided in the right direction from the very start, confidentiality is key here as discussed, keeping these things in mind, it is extremely vital that the help of a patent law firm is taken.

A patent law firm not just helps protect the invention but also aids in guiding the inventor on how to get his patent registered, post-patent issues and what to do in case of violations. In short, it speeds up the process of getting the right legal counsel & resolution at the right time.

Professional legal experts like us at Parker are ever ready to meet your diverse needs and get you the best advice possible to protect your life’s valuable research. As for confidentiality, you can be rest assured that your work is in the right hands and we would leave no stone unturned in getting you the rightful due.