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 ?
Alternative explanations to the differences of femoral and brachial saline contrast injections for echocardiographic detection of patent foramen ovale. Med Hypotheses 2007;68:1378-81.
Cubeddu et al., "May-Thurner syndrome in patients with cryptogenic stroke and patent foramen ovale: an important clinical association," Stroke, vol.
Mattle et al., "Percutaneous closure of patent foramen ovale in cryptogenic embolism," New England Journal of Medicine, vol.
Two concurrent chromosomal aberrations involving interstitial deletion in 1q24.2q25.2 and inverted duplication and deletion in 10q26 in a patient with stroke associated with antithrombin defciency and a patent foramen ovale. Am J Med Genet Part A 2011; 155:215-220.
Martin, "Case report: Renal infarction by paradoxical embolism through the patent foramen ovale as an unusual cause of post-operative abdominal pain after sleeve gastrectomy," International Journal of Surgery Case Reports, vol.
The latter is related to a preexisting patent foramen ovale whose blood flow is modified by the mediastinal shift.
Super et al., "Incidence of patent ductus arteriosus and patent foramen ovale in normal infants," American Journal of Cardiology, vol.
Tobis, "The effect of patent foramen ovale closure in patients with platypnea-orthodeoxia syndrome," Catheterization and Cardiovascular Interventions, vol.
In patients with cryptogenic stroke where a causal cardioembolic source has not been identified on routine evaluation, there is an increased incidence of patent foramen ovale (PFO) implicating paradoxical embolization as a potential causative mechanism for stroke in these patients, though this is often challenging to demonstrate, especially considering the prevalence of PFO is >25% of the population [4, 5].
Patent foramen ovale was detected in three of 15 patients who underwent echocardiographic examination.
Occlutech is a structural heart disease expert with a full product line comprised of atrial septal defect (ASD), patent foramen ovale (PFO), paravalvular leak (PLD), patent ductus arteriosus (PDA), and ventricular septal defect occluders.