A Patent is an intellectual property right relating to inventions and is the grant of exclusive right, for limited period, provided by the Government to the patent, in exchange of full disclosure of his invention, for excluding others from making, using, selling, importing the patented product or process producing that product. Novelty, Non obviousness and Utility are key determining factors while granting a patent.
The term “patent” may be explained to be a monopoly right granted by the Government to a person who has made a new invention. The term “invention” means a new product or process involving an inventive step capable of industrial application.
The Patent System in India is governed by the Patents Act, 1970 (No. 39 of 1970) as amended by the Patents (Amendment) Act, 2005 and the Patents Rules, 2003, as amended by the Patents (Amendment) Rules 2006 effective from 5-5-2006.