What does the word patent?
1 : an official document conferring a right or privilege : letters patent. 2a : a writing securing for a term of years the right to exclude others from making, using, or selling an invention. b : the monopoly or right so granted. c : a patented invention. 3 : privilege, license.
What is the patent right?
A patent is a right granted to an inventor by the federal government that permits the inventor to exclude others from making, selling or using the invention for a period of time. The patent system is designed to encourage inventions that are unique and useful to society.
What is patent and example?
Patent means protected by a government issued right allowing someone to make and sell a product or service for a certain amount of years without anyone being allowed to copy it. … An example of patent is a protection against copying the production method used to create M&Ms.
What is patent and types of patent?
Essentially, there are three types of patents in IPR. The most common types of patent applications received by the Patent Offices across the world, are for a utility patents. Such a patent covers various processes, machines, compositions of matter, and manufactures which are novel and useful to humankind in general.
What is patent in research?
A patent is protection granted by a national government for an invention. … Many drug companies and university researchers seek patent protection to recover research and development costs for patents related to specific genes and proteins, laboratory techniques and drugs.
What is patent in business?
A patent is a right granted for an invention that is new and useful. A registered patent provides the owner of the invention with the exclusive right to exploit it commercially for the life of the patent. … A formal patent application must be lodged, and it is essential that the invention is not disclosed beforehand.
What is patent in intellectual property?
patents. A patent is an exclusive right granted for a new, inventive, & useful product. It can take the form of a new product, process or technical improvement to existing invention.