What is a patent?

A granted patent is a legal right granted in respect of a technical invention. 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.

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 licence to one or more parties, usually in exchange for royalties.

Patents are territorial rights. For example, patents granted by the UK Intellectual Property Office give rise to rights in the UK only. Patents granted by the European Patent Office can give rise to a collection of rights in individual states which are member of the European Patent Convention.

Patents are of limited duration. Granted UK and European patents, and patents in most countries abroad, have a maximum duration of twenty years from their filing date. Most countries require renewal fees to be paid periodically to maintain a patent in force. Many countries allow extended protection for pharmaceutical products which have been delayed in experimental trials and obtaining regulatory approval.

In order to achieve grant of a patent, it is necessary first to file a patent application with the relevant Patent Office. Most countries examine patent applications in depth to determine whether they pass the tests for patentability and issue a granted patent only if a patent application successfully passes these tests.