What is a patent and how does it work?
Patents are a type of intellectual property. The three branches of intellectual property law are copyrights, patents, and trademarks. The United States Patent and Trademark Office (USPTO), handles exactly what their name states: patents and trademarks. The U.S. Copyright Office oversees copyrights. Copyright is usually focused on literary and artistic works, like books and music, whereas a trademark is related to items that define a brand, like a logo or tagline. On the other hand, patents are for new inventions such as devices, substances, methods, processes, medical technology, pharmaceuticals, appliances, and mechanical devices.
There are three types of patents: utility, design, and plant.
According to the USPTO, “[a] U.S. patent gives you, the inventor, the right to ‘exclude others from making, using, offering for sale, or selling’ an invention or ‘importing’ it into the U.S. What is granted is not the right to make, use, offer for sale, sell or import the invention, but the right to stop others from doing so. If someone infringes on your patent, you may initiate legal action. U.S. patents are effective only within the U.S. and its territories and possessions.” According to some (including the pharmaceutical industry), this right is considered a necessary incentive to foster the development of new inventions.
Utility and plant patents have a term for up to 20 years from the date the first non-provisional application for patent was filed. A design patent is granted for a term of 15 years from the date of grant. As a patent grants the patentee a monopoly, if the patentee sells the patented product, it can charge what it wants.
As such, patents play a major role in the development of new drugs and are a root cause of high drug prices as well as the delay of new products in a variety of industries.
What can be patented?
Legally, a utility patent may cover “any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof” whereas a design patent may cover “any new, original, and ornamental design for an article of manufacture.”