Patency is an official system conferring a right or privilege to secure an inventor for a term of years of exclusive right for his or her invention. If we base it on historical records, patent system might have started somewhere in Italy to encourage people to be innovative and particularly to encourage the disclosure of those new inventions without fearing that the fruits of their labor will be reaped by someone else.
Today, the patent system has evolved to greatly encourage innovation. How do these developments in patent laws apply to our daily lives and to what extent are these laws applicable? The patentability of a subject matter is governed by existing laws in every country such that boundaries are set whether or not a novelty or invention should be given patent or not. Complex steps are followed to verify the originality and ingenuity of the artwork before a patent is released. Though patent laws differ from one country to another, the idea or purpose of its existence is similar, that is to protect future inventors and inventions from unscrupulous imitators.
One major purpose of the patent system is historically-inspired. Many investors are hesitant to reveal their inventions due to the fact that some may try to copy their work, and enjoy the public recognition thus the chance for innovation is likely impeded. Because of the patent system, a protection is given to the inventor to monopolize the production of the said work for a specified period of time so that the inventor is given the chance to recoup the expenses incurred during its development process by setting a high price making a considerable profit. Who would want to invent and invest on something, labor on it day and night but someone more financially powerful grabs the fruit of your labor and be on the cover of every magazine?
In the field of medicine, particularly pharmaceutical companies, who develop new medicines, are given monopoly or exclusivity over the production of the said medicine for a period of time, until such time that the monopoly is lifted that other drug companies may be allowed to release their own version of the said drug. On the consumers’ side, the patent system has given them assurance of a genuine product although some imitations have come up like weeds on a field. Imitators, however, are also controlled by the patent system that the patent holder can go after them and file necessary charges. Furthermore, it has also increased the competition among inventors and manufacturers, thus the consuming public is given a variety to choose from. The moment the monopoly is lifted, when everyone else is free to practice the invention or release their own version of the product.
When the supply exceeds the demand, consumers are guaranteed of a much affordable price whereas when the demand is high but the supply is limited, the price is automatically increased. The patent system , indeed has worked in a symbiotic relationship that the patentee and the government, the invention and the consumers, benefit from each other.
Although applying for a patent especially for a worldwide patent is extremely expensive, the benefits outweigh the expenses. Small and big investors are given options to patent provisional concerning their patent needs through a provisional patent systems.