IP Explained: How does the U.S. patent process work?

Have you ever used a Teflon-coated pan or hit a golf ball down the fairway? Had a friend or family member receive treatment with a new medication? All these products were developed because patents encouraged the R&D that led to these innovations. Patents are a form of intellectual property protection that give inventors the exclusive right to make, use, sell, offer for sale or import their inventions for a set period of time. This alleviates some of the risk inventors take on when developing new products. Patients are well-served by having more inventions protected by intellectual property – it means more competition so more access to medicines in the long run – and these protections are an investment in the system that fosters innovation. Patents are not just handed out. The process for obtaining a patent is no small feat. It often takes about two years for an applicant to be gra nted a patent because the process requires an extensive and robust review by expert patent examiners at the United States Patent and Trademark Office (USPTO). 
Source: The Catalyst - Category: Pharmaceuticals Authors: Tags: Research and Development Patents IP Explained Source Type: news