Patent works as a shield for a person’s new invention as it protects it from being manufactured, imported, and sold by someone else and a patent is granted for a fixed period of time by the government i.e. 20 years. If someone has made a new invention it is very necessary to get it patented because it gives one ability to protect his invention from being manufactured and sold without his/her consent from the date of issue of the patent. A patent provides the inventor exclusiveness as the inventor has the sole right of getting or obtaining profits from his invention for a period of 20 years. Patents adhere to a priority system which means that one who will get a patent for an invention first will have superior rights than subsequent patent holders. A registered patent holder has the power to grant a license to the people who want to use his invention in exchange of a royalty or fee and this feature of patent encourages people to become innovative and undertake more inventions because there is no better incentive than money which they can earn from licensing their patents. In its very inception of the research paper, the authors have dealt with the meaning and types of patents. Further, the authors have delved deep into understanding the evolution and rise of the patent regime in India. In the subsequent chapter, the process of obtaining a patent has been analyzed. The fourth part deals with the renewal process of a patent. In the fifth part, the authors have discussed about the restoration of a lapsed patent. The paper has been concluded with a critical analysis of the patent regime in India, and suggestions to improve the same.
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