Patent
BeginnerA patent is a legal right granted by a government that gives an inventor the exclusive right to make, use and sell an invention for a limited period, usually up to 20 years from filing.
In exchange for this protection, the inventor must publicly disclose how the invention works. Once the patent expires, anyone can use the invention freely. This balance encourages innovation while ensuring that knowledge eventually becomes available to everyone.
To be patentable, an invention generally must be new, involve an inventive step that is not obvious to experts and be capable of practical application. Patents can cover products, processes, machines and certain types of technology.
For example, a company that invents a new type of battery can patent it and prevent competitors from copying it, or license the technology to other manufacturers for royalties.
Patents are especially important in industries with high research costs, such as pharmaceuticals, technology and engineering. When an important drug patent expires, cheaper generic versions usually enter the market and the original company's sales often fall sharply.
Patents are territorial: protection must be obtained in each country or region where it is needed. Obtaining and defending patents can be expensive, and patent disputes can lead to lengthy legal battles.
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