A patent provides exclusive and restrictive rights to the inventor for their original work. Patent grants a license which assists businesses to develop and grow more significantly.
Innovators, as well, take advantage of licenses, as it takes them years and a lot of cash to foster an item.
How many years are patents valid for?
The validity of a patent is for a maximum 20 years, starting from the filing date of the patent application.
But a patentee, the inventor, has to pay a small amount to renew the patent after the initial 2 years, and can be renewed for up to 20 years (maximum).
After its expiration it is allowed to be used by the public.
Do Drugs and medicines also have patent protection?
Substances which are used for medicines, drugs or can be used as food, medicinal drugs and generated using an innovative chemical process or method are patentable. Because of the method used in the manufacturing of such things, patents are not granted for such substances, but for the process behind its innovation.
The FDA maintains an “orange book” which is basically a collection of approved drugs currently under patent protection. Therefore, we can say that some of the pharmaceutical products like copy-cat drugs, old drugs, Vitamins, drugs based on previous theory/process/brand aren't eligible to get patent protection under the laws of various countries.
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Note: This information has been taken from the list of different countries and is not intended as legal advice. This will give you a general idea about what exactly a patent is. We recommend you to consult a lawyer if you want legal advice for your particular situation.