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Originating from the Latin ‘patere’, Patent is the term applied to the exclusionary rights to the inventor authorized by the Government or any other such body for a specific time period. This refer to all those rights that are bestowed to a creator or an inventor to protect his invention, discovery, process, composition or any new useful development, etc. Two persons are bestowed with a patent licence separately if they have applied for it jointly. It does not represent an idea unlike a copyright. Some of the features of patents are :

1. A patent is issued for a period of 20 years from the date of filing the application and the period varies from nation to nation for which they are called territorial.
2. Patents can be sold, mortgaged, licensed and transferred to a third member or a party.
3. Successful enactment of the patent laws is the task of patent offices.
4. Patent applications are filed based on the geographical location of the owner and the applications should bear the written description called specification.
5. Patents are enforceable in case of civil lawsuits.
6. Monetary compensation is granted to patent holder from patent infringement in the past and also if some one inhibits it in the near future.

Along with these, a number of other facilities are also provided. With the passing time, Substantial Patent Law Treaty is the new name for PLT.

Classification of Patent Application
Patent applications can be categorized under following heads -

1. National Patent Application :

To obtain patent license one must file in the national patent office from that country. Application can be filed directly from the regional office under the Patent Corporation Treaty, after entering into the national border.

2. Regional Patent Application :
Regional patent applications have their effects in some or all countries. European Patent Office is a perfect epitome of it. Filling of applications at regional office grants the advantage of obtaining patents in other countries also without prosecuting applications in those countries.

3. International Patent Application :

The Patent Corporation Treaty (PCT) is managed by the World Intellectual Property Organization (WIPO). The PCT permits applicant to file single patent application in 1 language only. The international application is compulsory to be published after 18 months of filing date by the International Bureau (IB) of WIPO. Preceding the patent application via PCT treaty permits patent license in huge number of countries.

• Advantages of Patent
  Patents help in strengthening the research and development. Many organizations have vast budget for extensive research and developments. Without the protecting shield of patent, extensive spending on R&D would be insignificant, which will constraint the chances of technological growth. Such organizations will hesitate in spending mass amount on research activities.


• With accordance to the meaning of 'patent', it permits the holder to publicly reveal the innovations in public area for societal needs. Without legal protection patent holders will keep their innovation as a secret.


• Such organizations which involve low marginal cost and high fixed cost, such as pharmaceuticals, computer processors software, face high commercialization cost of setting up of factory etc. Unless such organizations do not have any shield for competing with marginal cost, these organizations will hesitate in moving ahead. Patent renders them security and helps in pure concentration on manufacturing process.


• It permits inventor to maintain monopoly on the innovation for a specific period of time for which patent is necessary.