Patent not only depicts a symbiotic relationship between technology and life sciences, but are characterized by following properties legally.
Patent is an intangible asset. As per the dictionary meaning of intangible asset, anything whose physical presence can’t be felt is called intangible. Patent a product of intellect of any person which when put in use can be felt physically, however, we can’t touch intellectual property in any other manner. Interestingly, an intangible asset can be a definite or indefinite asset. Properties like patent with specific life span are definite assets; however, the name of the company will stay with the company till the time it is operating and is considered indefinite asset.
If we look at it patents don’t offer absolute ownership to the assignee or the inventor. The Patents Act provides that the grant of a patent confers upon a patent holder the exclusive right to…
View original post 219 more words