patent

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Patent

The exclusive right to use documented intellectual property in producing or selling a particular product or using a process for a designated period of time.

Patent

A right, granted or guaranteed by a government, giving an inventor the exclusive right to make, produce, and sell his/her invention for a certain period of time. While the time limit varies from country to country, most governments recognize each other's patent laws. In the United States, the length of a patent is 20 years. Patents exist to protect inventors from having their ideas stolen, a concept intended to encourage innovation and entrepreneurship.

patent

a grant of ownership rights by the government to a person or business in respect of the invention of an entirely new product or manufacturing process or a significant development of an existing product or process. In the UK, under the COPYRIGHT, DESIGNS AND PATENTS ACT 1988, the PATENT OFFICE can grant a patentee a monopoly to make, use or sell the invention for a maximum of twenty years from the date on which the patent was first filed. In order to obtain a patent approval, inventors are required to supply full details of the invention to the Patents Office and satisfy that body that the invention contains original features and that it has a demonstrable industrial application.

The monopoly protection given by a patent is not enforced by the Patent Office itself. It is the responsibility of patentees to look after their rights by detecting whether someone else is infringing them and then seeking redress for infringement through the courts.

Patents registered in one country may be valid in other countries if filed in a country which is party to a reciprocal treaty. The UK, for example, is a member of the 13-country European Patent Convention which allows inventors to obtain patent rights in the EPC countries by filing a single European patent application. Globally, patent applications are administered by the World Intellectual Property Organization (WIPO) under the Patent Cooperation Treaty which enables investors to apply for registration in member countries with a single registration. WIPO has no powers of enforcement. However, under a GATT (now the WORLD TRADE ORGANIZATION) accord (negotiated at the ‘Uruguay Round’) it was agreed to give investors a minimum patent term of 20 years in all member countries with members being obliged to enforce patent protection on patents recognised by each others national authorities.

The patent system has the twin objectives of both encouraging inventors to undertake the risks and expenses of breaking new ground by offering them temporary monopoly rights to profit from their work, and providing for the eventual dissemination of advances in technology to the benefit of society as a whole. See RESEARCH AND DEVELOPMENT, BRAND.

patent

the grant of temporary MONOPOLY rights and control over new products, processes and techniques to their INVENTORS by the government. Patent protection is seen as an important means of fostering TECHNOLOGICAL PROGRESS by providing an opportunity for inventors and INNOVATORS to recoup development expenses and secure a profit reward for risk-taking. To minimize the danger of monopolistic exploitation, patents are granted for limited time periods only. In the UK, under the COPYRIGHT, DESIGNS AND PATENTS ACT 1988, the PATENT OFFICE can grant a patent for a maximum of 20 years.

See INTELLECTUAL PROPERTY RIGHT, RESEARCH AND DEVELOPMENT.

patent

The first transfer of title out of the government to a private individual or company.

Patent

The exclusive right of an inventor to make, use, or sell his invention for a period of years. A patent is an intangible asset that may be depreciated over its remaining life. The sale of a patent usually results in long-term capital gain.
References in periodicals archive ?
The story of patent medicines begins in seventeenth century England with the Crowns' issue of a patent for Anderson's Scots Pills.
Livingstone began her presentation by discussing the mass popularity of patent medicines during the 19th century, especially for people who could not afford more expensive prescription drugs.
In 1905, the AMA created the council to evaluate the validity of the claims made on behalf of patent medicines, awarding a "seal of approval" to any drug it regarded as safe and effective.
The Dietary Supplement Health and Education Act of 1994 (DSHEA), which seized back control of patent medicines from the FDA, was passed after strenuous lobbying from supplement manufacturers, and this legislation removed all herbs, vitamins, and minerals from FDA oversight--despite the fact that herbs are drugs, exhibiting a full range of effectiveness (or ineffectiveness), dangerous side effects, and interactions with other drugs.
These drugs were no longer legally available without a physician's prescription, most city drugstores exercised careful scrutiny over sales, and the patent medicines which had thrived on their opiate or cocaine content were rapidly disappearing from the market.
The new patent medicine not only restores vim and vigor to ailing vegetation, he says, but also helps plants ward off insect attack.
Sometimes Patent Medicine Works: A Reply to Braaten, Kauffman, Braaten, Polsgrove, and Nelson
Moxie was a patent medicine energetically promoted by its manufacturer, Dr.
There is one other patent medicine that my mate's parents gave them once a week and that was brimstone and treacle and believe me, you did not want to be around them three or four hours later.
Phelps was the inventor of Phelps Arcanum patent medicine.
Scams discussed include land speculation, patent medicine sales, false mine claims, government contract graft and outright swindles.