ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Patents usually last for 20 years.

Detailed explanation-2: -How long does patent protection last? Patent protection is granted for a limited period, generally 20 years from the filing date of the application.

Detailed explanation-3: -A U.S. utility patent, explained above, is generally granted for 20 years from the date the patent application is filed; however, periodic fees are required to maintain the enforceability of the patent.

Detailed explanation-4: -Giving patents an expiration date will allow competition to keep the price competitive and allow improvements to the idea. There are some companies that wish to hold onto the intellectual property that they use to produce products.

Detailed explanation-5: -A patent becomes public domain (free for use by the public) upon its expiration, which is defined as 20 years from the patent’s earliest non-provisional filing date. MPEP §201.04.