Patent is a kind of intellectual property right that provides an inventor exclusive rights over his product along with the process through which that product is created. It has a major role to play in the business world as it encourages novel ideas and innovations.

When an individual creates something that is unique and has commercial value, he would not want it to be dishonestly used by others for making profit. However, when you discuss your product in public or work towards promotion of the product, some infringement of your right over your invention may take place. In such situations, patent laws can help you safeguard your rights.

Patent laws allow the manufacturer or inventor to make exclusive use of the product or the process for his own commercial benefit for a particular span, after which the patented product or process passes into the public domain. This gives legal safety to the inventor, who can then make the maximum commercial gain out of his time and efforts invested into the product before anyone else can take benefit of it.

Patents are quite important in alluring licensees as well, as such people or companies usually want to put their money in a product that is less likely to be counterfeited and is exclusive in the market. However, the complex processes and large costs involved in patenting make it undesirable for products with low commercial viability as well as for those which are to be marketed for a very restricted time span.

Patents are extremely important in a situation where the product, which has been created through hard labour and expertise of a person or a group, has fair prospects in the market due to some exclusive benefit that it offers. The legal framework of a patent encourages people to come up with more innovative ideas and inventions, as it ensures that they will receive good returns for their work.

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