ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Exclusive rights: Patents provide you with an exclusive right to prevent or stop others from commercially exploiting an invention for twenty years from the date of filing of the patent application.

Detailed explanation-2: -Overview. A patent grants the patent holder the exclusive right to exclude others from making, using, importing, and selling the patented innovation for a limited period of time.

Detailed explanation-3: -Intellectual property rights (IPR) refers to the legal rights given to the inventor or creator to protect his invention or creation for a certain period of time.[1] These legal rights confer an exclusive right to the inventor/creator or his assignee to fully utilize his invention/creation for a given period of time.

Detailed explanation-4: -The exclusive right means that parties other than the patent holder may not use the invention without authorisation. A patent application is specific to a country or a region and a patent only protects the invention in the regions where it is in force.

Detailed explanation-5: -A patent is an exclusive right granted for a specified period (generally 20 years) for a new way of doing something or a new technical solution to a problem-an invention.