Patent Law Essay Example | Topics and Well Written Essays - 2000 words

Patent Law - Essay Example Patents are available for most industrially applicable processes and devices. They may cover: Mechanical devices, such as a mousetrap. It also covers methods for doing things, such as the method used for dyeing or bleaching fabrics. It also include chemical compounds, like for example, a new drug and mixtures of compounds, like that of an improved hand cream. Patents can also cover such diverse matters like vaccines for whooping cough, wire-strippers, and chemical processes (Coyle, 2008). The commercial benefit of a granted patent is that it gives the owner the right to prevent others from exploiting, without his consent, the invention for which a patent has been granted (What is n.d.). A granted patent is a property right which can be bought, sold, licensed to others or used as security. The owner of a granted patent might use it to protect a product or service, which he sells. Alternatively, or as well, he may grant a license to one or more parties, usually in exchange for royaltie s (Ibid). Patents in the UK, as elsewhere in the European Economic Area (EEA), have the duration of 20 years from their filing date, subject to payment of renewal fees and not being invalidated. As mentioned above, the duration for the protection of patents in the UK is 20 years and also renewable every 5 years. After this period of 20 year other people are free to produce or copy the invention. The reason why the term is set to 20 years is because the creator should have enough time to reap the rewards of creating his invention, his intellectual property. 20 years is more than enough time to get a market lead on any invention and has been at this length for... This essay describes and presents a study on the topic of patent law. A patent is a government issued right, that is granted to individuals or groups that protects their original inventions from being made, used, or sold by others without their permission for a set period of time. The law that protects and govern the patent in the UK is the Patent Act of 1977. It requires any new inventions to be a new invention; it can’t have existed before the invention was created. The researcher also discusses types of patents that are present in the United Kingdom today and the duration of these patents both in the United Kingdom and in Europe. Patent duration which is "the period in which the patent holder has monopoly rights to their invention, the granting of usage, distribution, and marketing rights to others, and the right to commercial benefit from such for a specific period". A patent is a form of intellectual property that provides the owner with an exclusive right to use and mark et an invention or process. The owner of a patent has the right to prevent others from using the invention or process without permission. For example, Pharmaceutical companies acquire patents in order to protect their drugs from competition. The researcher also analyzes the Patents Act 1977, that implements a statutory regime whereby an employee of a company may become entitled to a measure of financial reward or compensation where the employer has obtained a large benefit from a patented invention made by an employee.