The basic reason for patenting an invention is to make money through exclusivity i.e. the inventor or his assignee would have a monopoly if –
- The inventor has made an important invention after taking into account the modifications that the customer, and
- If his patent agent has described and claimed the invention correctly in the patent specification he drafted, then the resultant patent would give the patent owner an exclusive market.
For an invention to be patentable, the criteria of patentability are as follows:
- It should be novel: invention should not have been published or used anywhere in the world before the date of filing the patent application in the patent office.
- Must involve an inventive step: a feature of invention should involve a technical advancement as compared to existing knowledge or having economic significance or both
- Capable of industrial application: invention is capable of being made or used in an industry
- It should not fall under the categories of inventions that are excluded from patentability under the concerned jurisdiction.