Patent is a statutory Intellectual Property Right which grants exclusive rights to the owner of an invention. To qualify as a patentable subject matter, an invention should be a new product or process involving an inventive step and capable of industrial application. A Patent is granted to encourage the inventor to disclose the invention in lieu of a monopoly to exploit and commercialize the invention for specific period of time.
The Indian Patent Act confers the following rights upon the Patent owner:
For a product Patent, the exclusive right to prevent third parties, who do not have the Patent owner's consent, from the act of making, using, offering for sale, selling or importing the product in India
For a process Patent, the exclusive right to prevent third parties, who do not have the Patent owner's consent, from the act of using that process, and from the act of using, offering for sale, selling or importing a product directly obtained by that process in India.
A Patent granted to a patentee shall confer upon such person/entity exclusive rights for a period of 20 years.