Patents

Patents are exclusive rights that are offered for an invention and usually for a specific period, normally 20 years. Patents are designed to protect inventors against counterfeits for excusive period when it is deemed that they have made returns on the money invested in the innovations.  The use of patents signifies that a particular invention cannot be used, made, distributed or sold without the knowledge of the inventor, (Orozco, 2010). They are normally enforced in civil courts.

One good example of patent protection is in the generic drugs innovations. Drug development takes a lot of time and enormous capital investment. Patent rights protections are used to protect the innovators of drugs and thus it spurs more investments in drug development. Examples of common patents are the iphone patents held by Apple, sewing machine patents held by Howe and Singer and magnetic resonance imaging patents that are held by Damadian.


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