Every business across the world today depends on innovation to maintain a competitive edge over its rivals and also to meet the changing dynamics of the market. It is important for the companies to safeguard its innovation and not allow copy cats across the world in replicating the design and eat in your profits. A patent is a potent tool which would safeguard your innovation so that you can take advantage of your product to gain an upper hand in the market. In simple word a patent is a potent tool for protecting the profit stream in the market. The patent gives you the right to exclude others from making, using, importing, selling or offering to sell the invention for up to 20 years without the inventor’s permission.
It helps to protect your profits
You may have spent much money in research and development and it is just unfair that anybody walking in can replicate your hard work and earn the profits. The patent helps to safeguard your patent stream wherein you have the exclusive rights to produce and market the product or you can licence the same for a fee.
Applying for Patents in Australia
While patenting a product or invention, you can first apply for a provisional certification or go for complete patent application right at the very beginning. You can also apply for international patents or for patents in the national sector. Provisional application gives you enough time to check all the legal procedures with a seasoned attorney and make the necessary changes so that your application is not rejected. For application, hire a patent lawyer.
IPC or the International Patent Classification enlists more than seventy thousand categories and subcategories for patents application. Relevant IPC marks are issued by local or regional patents offices to particular innovations in order to identify them. So while submitting your application, you must be absolutely sure about the right category and also the fact that the invention is not already patented by somebody somewhere across the globe.