Innovation Patents (2024)

FAQs

Are patents a good measure of innovation? ›

Patents also appear to be a pretty good measure of innovation in the pharmaceutical sector. But other lines of evidence are less promising. In manufacturing, if we survey firms, they claim to protect about half their new products with patents and a third of their newly invented processes with patents.

An innovation patent was a type of patent that protected an incremental advance on existing technology. This type of patent has now been phased out however, existing patent holders won't be disadvantaged.

In this survey, firms were asked to estimate the percent of innovations that were patented. Across all sectors, on average firms reported they patented 49% of their product innovations and 31% of their process innovations (see appendix table A1).

While it makes sense in theory that patents protect innovation and innovation is good for society, the inventor often gets rights over a broad subject matter, which can stifle innovation.

“Patent data are a very “noisy” measure of innovation because most innovations are not patented and many patented inventions are not valuable.”

While the patent system is designed to spur innovation like Edison's, it also hampers it. Easy copying and imitation discourage innovation, because why make the effort if someone else will profit from it? The patent system works by enabling inventors to block unauthorized use of patented technology.

Chapter II, Section 3 of the Indian Patents Act stipulates what is not considered an invention under the law and is therefore not patentable in India: inventions being frivolous or contrary to public order, morality, public health, the environment, etc.

The standards to be met to apply for an innovation patent are lower than that of a standard patent since the invention needs to be innovative rather than inventive. If your invention makes a leap on technology that already exists in your industry, then it is probably better to apply for an innovation patent.

Patents and copyrights are powerful instruments for stimulating innovation. They do this by safeguarding intellectual property rights to encourage creators to invest in research and development and produce new products or services.

Innovation patents last up to 8 years from the date of filing.

How many patents are worthless? ›

Analysts report that more than 95% of patents are worthless-- not because patents as a class are worthless, but because companies fail to understand one simple principle that makes patents powerful.

Need Help? A patent attorney will usually charge between $8,000 and $10,000 for a patent application, but the cost can be higher. In most cases, you should budget between $15,000 and $20,000 to complete the patenting process for your invention.

Prior Art and Lack of Novelty

The lack of novelty can be a major hurdle in the patent application process. If the USPTO determines that your invention has already been disclosed, invented, or is too similar to existing prior art, your application will be rejected.

Among the more interesting patent innovations, was the Maglev or magnetic levitation used to propel trains. The first patent for Maglev went to Brookhaven National Laboratory (US), in 1968. Its researchers James Powell and Gordon Danby came up with the concept of using magnets to propel trains.

Inventors have two avenues open to them: they can license their invention to a third party to manufacture and sell it, or they can manufacture and sell it themselves.

A patent protects an invention by allowing its inventor — or the group who owns the patent — control over who may use the invention. Patent applications are adjudicated by the United States Patent and Trademark Office (USPTO) and are valid for 20 years.

Patents protect inventions that are new, useful, and offer a significant improvement over what already exists. You can secure patent protection for a product, a process, or an improvement of these.