There are several benefits to obtaining patent protection.
A granted patent gives its owner the right to prevent others using the patented invention in the territory where the patent applies. The patent owner can therefore commercialise the invention themselves or create relationships with others to commercialise the invention whilst protecting their market share.
Without protection, competitors may copy key products or methods without any fear.
Typically, significant resources have gone into the development of a new (or improved) product in order to bring it to market. If a competitor can simply copy the product, they can take advantage of all the work of the original developer without incurring any of the cost. This can springboard them into a better position and leave the original developer to compete only on cost or service rather than advantages of the product.
A patent (or patent application) can act as a deterrent to competitors without its owner having to take any positive action to prevent infringement. The existence of a patent for a product or process can also usefully “validate” the product or process in the eyes of potential customers.
A patent is a business asset which may put the business on a more secure grounding and redefine any relationships that the business has with suppliers, staff, investors and potential partners.
A patent can entitle UK companies to pay a reduced rate of corporation tax on sales of branded products/services in certain circumstances under the Patent Box scheme.
Wilson Gunn can advise on all aspects of intellectual property protection. Please get in touch to speak to a member of our team about patent protection.