Licensing their patent to others, the patent owner can generate revenue from the use of their invention without having to produce or market the product themselves. This can be particularly useful for small businesses or individual inventors who may not have the resources to bring their invention to market.
Licensing a patent to others can also help increase the exposure of the invention and the patent owner’s brand.
This can lead to greater public awareness and potentially increase demand for the product.
Licensing patents can also encourage innovation by allowing others to build on the original invention and develop new products or technologies. This can help drive progress in the industry and benefit society as a whole.
Licensing a patent to others can also help the patent owner expand their market reach by allowing the invention to be used in new geographic regions or markets that the patent owner may not have been able to enter on their own.
Licensing a patent to others can also help mitigate risk by allowing the patent owner to share the costs and risks associated with developing and marketing the product with the licensee.
This can be particularly useful in industries with high development and marketing costs.
Licensing a patent can also help the patent owner to build relationships with other companies or individuals in the industry, leading to potential collaboration and partnerships in the future.
In summary, licensing a registered patent to others in India can be an important way for the patent owner to generate revenue, increase exposure, encourage innovation, expand market reach, and mitigate risk.
The license agreement must be in writing and must be registered with the Indian Patent Office within six months of its execution.
In India, a patent is granted for a term of 20 years from the date of filing of the patent application. To keep a patent in force after it has been granted, the patentee must pay the renewal fees at the prescribed intervals. The renewal fee for a patent can be paid either annually or in lump sum, for the entire remaining term of the patent.
It is essential to keep track of the renewal deadlines to maintain the validity of the patent. If the patentee fails to pay the renewal fees on time, the patent will lapse, and the invention will become part of the public domain. If the renewal fee is not paid within the grace period also, the patent will be deemed to have lapsed or expired, and the invention will become open to public use.