![]() ![]() However, in part because of high litigation costs, only a very small fraction of patent disputes ever go to court. The system corrects these mistakes by maintaining the right to nullify inappropriately issued patents. While patent offices in the economically advanced world have numerous procedures in effect to determine the validity and proper scope of a patent application, nevertheless some patents still issue that are not an advance on the existing state-of-the-art, or would otherwise be invalid if challenged. In some fields, particularly pharmaceuticals, it is also argued that the monopoly of the patent in the market allows the owner to recover the huge expenses invested in the research and development phase. This is because patents, by conferring rights on the owner to exclude competitors from the market, presumably offer the incentive for people to study new technology. ![]() The patent system is designed to encourage innovation. Keeping the same invention as a trade secret rather than disclosing it in a patent publication, for some inventions, could prove valuable well beyond the limited time of any patent term but at the risk of unpermitted disclosure or congenial invention by a third party.Ĭosts, benefits, risks of the patent system to the public The publication of the invention is mandatory to get a patent. ![]() The underlying assumption is that innovation is encouraged because an inventor can secure exclusive rights and, therefore, a higher probability of financial rewards for their product in the marketplace or the opportunity to profit from licensing the rights to others. Patents are legal instruments intended to encourage innovation by providing a limited monopoly to the inventor (or their assignee) in return for the disclosure of the invention. ![]()
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