Patent Registration

After the process of patent registration, one gets intellectual property right to an invention carried out by an individual or a firm. In case it is unique, the government will grant you the full right for your product. It grants you the full right of making, using, selling or importing the product or services and prohibits others from doing so. The patents in India are governed by the Patent Act 1970 and Patent Rules 1972.
The lifetime of a patent is 20 years. This period is limited in most cases, but it could only be extended by the act of congress and in rare cases it could be extended for a few years.

The patent could be for many things, be it process, art, method to manufacture, particular apparatus, machine, computer software, technical application, chemicals or drugs.

Types of patent applications

Ordinary application: This type of application is carried out when there are not any applications or references to any other application under process in the Indian Patent office. The priority date and filing date are the same for ordinary application.

Conventional application: If an inventor has already filed a patent in other country and now wishes to do the same, then this comes under conventional application. It is mandatory to file the application for Indian patent within 12 months of first filing it.

PCT International application: PCT International application lets you, file the patent application in multiple countries and you can file it in up to 142 countries. It could take between 30-31 months from the international filing date to enter and claim protection in each country.
PCT National phase application: You can file this application within 31 months from the international filing date.

Advantages 

It keeps the competitors at bay, as you have all the rights reserved to yourself.
Moreover, it increases your business revenues as it enables the patent holder to charge premium for the invention.
These patents are just like other forms of property. Hence, it is possible to license or sell them.
It makes it easier to raise capital for your business, if you are ready to sell or license the patent that you possess.
The credibility of the inventor will go up after the patent registration is done.
The selling of the idea outright will bring in much advantage to the inventor. It only brings royalty of 5% or less, but it is highly advantageous to people who have the idea but doesn’t have enough money to bring the invention to the market themselves.