The world is growing and so are we! Each day we wake up and find some new technology or development. All unique technological innovations are at risk of being copied. Hence, it becomes very important to protect these innovations. Complete and Provisional Patent filing in India is how you can get 360-degree protection over your unique mark. Through this blog, we will look at the process of patent filing in India. But first, let’s understand why patent filing is important.
An Intangible Asset!
Like all Intellectual properties, patents too are an intangible asset. You can show the expenses behind your patent filing as an ‘Asset’ in your financial statements.
Exclusive Right!
Patent filing in India will ensure that your innovative product or services will remain innovative, by giving you the sole right over how to use it, how to distribute it, and how to earn profits for it. However, there are certain restrictions in the medical field, where technologies and innovations that can cure harmful diseases are subject to compulsory licensing in India.
Monetary benefits
It is true that filing a patent is more expensive than filing for any other intellectual property rights. Further, even creating something innovative today needs a lot of monetary back-ups. After all these out-of-pocket expenses. Filing a patent in India is your way to earn profits from an innovative product or service. You can sell your innovative product to big industries, and earn a ton of profits. Further, apart from mandatory licensing (as mentioned above), patent owners can license their rights to a number of third parties in exchange for consideration.
Creates monopoly
A patent is only approved when there has been –
- Innovation or improvement to existing products and services;
- It is novel and non-obvious;
- The innovation is such that it has an industrial application, i.e., must be usable.
Hence, when all these criteria are met, it is very obvious that you have become capable of creating a monopoly. As a result of which you get to see a lot of expansion opportunities.
Build Credibility
When you have a strong legal backup, such as a patent grant, you don’t have to worry much about branding and building your credibility. The governmental grant will speak for your work! Having a patent registration has the power to make your product or service extremely popular, especially since you are bringing something new to the table, and you have proof of it! This will lead all consumers and potential target markets to trust you more.
Attract Investors
After shark tank, it is a proven fact that innovation attracts investors. However, this fact is not limited to just that show. Be it any investor, an angel, a venture capital firm, or even your own family and friends. Their trust in your brand and business will increase 100 times if your innovation has a patent grant.
Now we know why it is important to file a patent after creating something unique and distinctive. Let’s see how you can do patent filing in India.
Prior Art Search
After you create an innovation, you need to check whether it is patentable or not. Because a registrable patent must be new, unique, and innovative. Since patent filing is a costly affair, it is more sensible to conduct a search of all patents already filed, to check whether your patent is available or not.
Drafting Patent Application
Once you are sure that your innovation is patentable from the patentability report generated after the search, you can start drafting your patent application. You need to submit the following in the patent draft:
- Claims,
- Background,
- Description,
- Drawing (if any),
- Abstract, and
- Summary.
A patent draft can be of two types, one being the complete specification and the other being a temporary or provisional specification. If you are drafting a provisional specification, then you will have to submit the complete specification within one year of filing the provisional application.
Filing Patent Application
After you prepare the entire draft application, you need to submit it along with other relevant documents required for patent registration in Form 1 on the Patent Office Portal. After submission and payment of prescribed fees, you will get a unique application number. This application number will allow you to keep track of the stage of your patent application.
Journal of Patents
After the expiration of 18 months of filing the patent application/priority date, the patent application gets published in the Journal of Patents. This is a window for third-party opposition to any patent application in India.
Pre-Grant Opposition
This gives the chance to any third party to question the validity of a patent application. Patents can be opposed on many grounds such as invalid information, not a unique innovation or even the industrial applicability of a patent is open to opposition.
Examination of Patent
As soon as you get a clearance of no third-party opposition, you need to request the patent office to examine your patent application. If you fail to do so, your application might get abandoned by the officer. The examiner assigned to your application will go through the entire specification and application and might either approve your application or issue a report that has certain discrepancies. You need to submit a reply to the discrepancy issued by them. If the examiner then gets satisfied with your response, they will accept the mark.
Grant of Patent
After the examination of the complete specification and after all, discrepancies are sorted, the patent examiner will either grant an application or refuse it. This decision is solely based on their discretion.
Conclusion
A patent once granted, will give you exclusive rights for 20 years. The most important factor is that patents are accepted on a priority basis! Hence, if you have your innovation in mind, don’t wait! Get patent filing online in India today!