In the modern market place, knowledge is the most expensive intangible property. It is more recognized and acknowledge as a critical asset. Knowledge has given birth to vast new industries particularly those based on computers, semiconductors, pharmaceuticals, biotechnology and designed materials. However, such creations and innovations in the field of the science and technology needs protection and should be guarded just as the tangible property like our own house, car, field etc. This is where patent plays its role in protecting such intangible property of a human mind's creation. The most important step is today's world to protect an innovation or invention is to protect them by filing a patent application. For this purpose it is very necessary for everyone who is doing a patent related business, research and development companies, Universities etc to protect their invention. Without a protection their invention can be accessed by any third party and benefited by the exploitation.
As it is known that a patent is an exclusive right to granted to an inventor for an invention which is novel, having an inventive step and industrial application. Patent can be granted for a product, apparatus, machine, drug and process for manufacturing them. The procedure of granting a patent is different in most of the country and it is governed under the patent laws of a company. When a patent is granted it excludes others from using, selling, offer to sell, import and any act of exploitation of the patented invention. Even if a potential infringer tries to use the patented the invention the patentee can avail legal help to protect the patented invention. Therefore, it is the need of the hour for those who are engaged in the innovation business to protect their invention from any third party exploiting his invention and being benefitted from it. Above all these, an inventor can license his invention to a bigger corporate by obtaining a huge revenue.