How to save Patent Registration Expenses upto 20 Lakhs
The MSME sector is one of the largest contributors to the Indian economy, however, awareness about Intellectual Property Rights (IPRs) is lacking in Indian MSMEs.
IPRs are important instruments to foster a culture of innovation. IPRs include trademarks, copyrights, patents, and industrial designs and protecting them enhances the competitiveness of Micro, Small & Medium Enterprises (MSMEs).
In the present market, it is the IPRs, who determine growth and bottom line of the enterprises. IPRs remain a legal and much desired way of creating and enforcing monopolies in an industry or trade. IPRs allow MSMEs to remain ahead of competition. IPRs rightly stop others from practicing, using or selling any product or service that infringes on any of the registered products/ services.
A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling and importing an invention for a limited period of years, in exchange for publishing an enabling public disclosure of the invention.
A patent is a powerful business tool for the companies to gain an exclusive right over a new product or process, develop a strong market position and earn additional revenue through licensing.
The benefits of securing a patent include :
1. Barrier to entry: ability to stop others from selling a competitive product,
2. Increased profits and prices: because you can stop others from selling a competitive alternative, you can charge more for your product, and
3. Leveled playing field: a patent can stop large companies from competing against you.
So, it can’t be denied that there are immense benefits to MSMEs by registering patents and preventing others from making, using, offering for sale, selling or importing a product or a process, based on the patented invention, without the owner’s prior permission.
MSMEs can get reimbursement of expenses incurred on registration upto Rs. 10 lakhs for domestic patent and Rs. 20 lakhs for international patent registration.
LMCPL has immense experience in this field and has various satisfied clients who have availed these benefits with our assistance.
Considering the benefits in long run a business gain from registering its patent outweigh the expenses incurred on registration of Patent, more so when you can get reimbursement on registration upto Rs. 10 lakhs for domestic patent and Rs. 20 lakhs for international patent registration.
In case you have any product, process which is patentable and gain an exclusive right over a new product or process, develop a strong market position and earn additional revenue through licensing, then don’t hesitate to contact us