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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 ?
To calculate the potential incremental income or profit contribution to be derived from a patent, it helps if CPA/ABVs consider the price advantage or premium associated with the sale of the patented product and/or cost savings associated with the patent's use.
Gene Express utilizes next generation, patented, quantitative, standardized multi-gene nucleic acid abundance measurement platform technology (StaRT-PCR).
If the House tried to overturn our gene-patenting rules, the entire genome could be patented by the time the bill waded through the swamps of committee hearings, riders, election-year politicking, and possible entanglement with the Congressional phobia of any issue remotely related to altering human life.
ESTs without known function are not and never should be patented," Francis Collins, the new director of NIH's National Center for Human Genome Research, told SCIENCE NEWS.
405), and the ruling that humans may not be patented, an interesting question remains to be answered: How much human genome does it take to be human?
What 3-D protein structures have been patented within each drug target class?
Some of these combinations have been patented themselves.
The Company has demonstrated that fiber optics are safe for use with MRI, and has also developed and patented solutions for making metal wires safe with MRI.
These defendants have profited from the unauthorized use of DataTreasury's patented technology, and they stand to profit more now that Check 21 has gone into effect.
Pro-Pharmaceuticals has developed patented technology involving carbohydrate compounds as a targeting mechanism intended to upgrade the safety and efficacy of FDA-approved anti-cancer agents.
The primary product offered by Gene Express is its StaRT-PCR(TM) patented, platform technology, providing standardized, quantitative, measurement of nucleic acid copy number, enabling multi-gene measurement of transcript abundance, and/or genomic DNA copy number.
Insurance inventions, however, can now be patented as of the 1998 "State Street Bank decision".