The Advantages and Disadvantages of Obtaining a Patent

The process of obtaining a patent can be a big challenge for people who have never done it before. They often fail at patenting their ideas or creations as they don’t get the required support, are turned off because of the cost involved, or they have little knowledge or misconceptions about patents. However, with adequate knowledge about patent pros and cons, it is possible to determine whether their decisions regarding patent protection are right or wrong. Let’s delve into this topic for more information.

Advantages Of Obtaining a Patent

• When an inventor owns an invention, they can decide how it can be used without the idea being stolen when they have a patent. Inventors have the authority to disclose their invention only to potential investors or businesses. Before an inventor takes this step, it is essential for them to patent their idea to prevent any individual or organization from claiming this idea to be theirs.
• Patents give a person legal rights to a monopoly of their creation in the market. They hold the exclusive right to sell, use, distribute, import, or export their invention for a stipulated amount of time. When the inventor holds the monopoly of their creation in the market, it limits other players in the industry to sell, use, or market and benefit from it. Also, an inventor can sometimes charge a premium for their creation in return for use by others and profit from the patent as they hold exclusive rights for it.
• Patents boost investment and economic growth. Local or small businesses that hold patents can act as a magnet to attract foreign investment. As a unique creation starts to gather finances, it can be used for further development of the invention, thereby enhancing the commercial and industrial profit and growth.

Disadvantages Of Obtaining a Patent

• The process of obtaining a patent can be a time-consuming and complex process. It includes several rounds of reviewing and approval and can take years to obtain an issued patent.
• An inventor has exclusive rights over his creation only in the region or nation where he has filed his patent. For instance, filing for a patent is Canada, provides you exclusive rights over your invention only in Canada. If you want rights in the US or elsewhere, you will have to file for patents in those jurisdictions.
• Pre-patent expenses include the money spent on hiring an agent or lawyer or applying for protection in desired areas. The post-patent costs may include maintenance fees and in some cases may also include a reissue fee or other fees. The revenue generated through the use of a patent should be greater than the cost of obtaining and maintaining a patent. This requires proper commercialization of a patent.

At Prowse Chowne LLP we can provide you with assistance in the protection of your invention. We can help with the entire patent process, from filing an application for a patent all the way through to expiration of the patent. Contact us for assistance with the legal procedures of getting a patent.