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 ?
10] and atrial septal defect, fetal patent ductus arteriosus, and overall congenital heart malformations provide further evidence that prenatal exposure to air pollution is associated with risks for fetal heart malformations.
Device closure of patent ductus arteriosus is safe, effective and provides alternative way to surgical ligation/interruption with shorter hospital stay.
Oral Ibuprofen versus intravenous Ibuprofen or intravenous indomethacin for the treatment of patent ductus arteriosus in preterm infants: a systematic review and meta-analysis.
KEY WORDS: Pulmonary artery, Patent Ductus Arteriosus, Pulmonary Hypertension, Dissection.
Grace Poon, Ibuprofen Lysine (NeoProfen) for the Treatment of Patent Ductus Arteriosus, 20 BAYLOR UNIV.
Can we expect decreasing the incidence of patent ductus arteriosus (PDA) in the population of premature neonates who had received antenatal steroid therapy?
In most patients, these alterations cause a severe short circuit from left to right--similar to that of patients with left-to-right shunts, such as patent ductus arteriosus or VSD--leading to the development of congestive heart failure with dyspnea and hepatomegaly (5) mainly during the first year of life or later in childhood.
Congenital malformations that can result in cyanosis, increased pulmonary blood flow, and biventricular enlargement on electrocardiogram include transposition of the great arteries with pulmonary hypertension, single ventricle, truncus arteriosus, ventricular septal defect with moderate pulmonic stenosis, and occasionally pulmonary atresia with an intact ventricular septum and a large patent ductus arteriosus or significant tricuspid regurgitation.
According to the contract, Medunik Canada will receive Canadian rights to market and distribute four important therapies in acute hepatic porphyria, hyperammonaema due to N-acetylglutamate synthase deficiency or one of three organic acidurias, patent ductus arteriosus and vitamin E deficiency in chronic cholestasis.
Patent ductus arteriosus (PDA) is a congenital disorder in the heart wherein a neonate's ductus arteriosus fails to close after birth.
Owen didn't have a fully developed pulmonary artery and he had only survived for three months because when a baby is born they have a patent ductus arteriosus, a tube that provides the child with oxygen to take the first breaths when they are born.