The last thing anyone needs is to develop a revolutionary product or service and once launched, find that many other traders have copied the product patent at a lower quality and are selling it at cheaper prices thereby making them almost impossible to beat and damaging the product name. It is therefore of the utmost importance to implement a patent protection plan to ensure your total exclusivity and rights are protected at all times.
There are many benefits of Patent Protection, such as:
- Reduced Competition
Patents serve as an obstruction to entry by keeping all competitors from entering the particular market with the specific service or device in fear of breaching the patent protection law. Instead competitors therefore rather strive to develop a product to compete with.
- Advanced Profit Margins
The A.U.S Patent allows the owner of the patent to disallow anyone else from trading by means of importing, selling, manufacturing etc. into the United States at all. This law enables the owner of a patent to exclusively trade without fear of any competitive pricing structures thereby allowing the owner to charge a much higher price to his own preference.
- The Patent Protection plan encourages settlement
When two parties legally battle in the court of law regarding breach of their patent protections chances are that they will eventually rather settle by agreeing to a cross licencing of the two patents in question.
- Patent Protection increases the market share
An owner of a patent may opt to provide trading licences for patent rights to other traders in different countries to increase the market share. The owner may even offer patent rights to traders who solely trade in the retail market or manufacturing market, which ever market the patent owner does not trade in, thereby ensuring that sales occur in all markets.
Thanks To About Patents For The Post.