The object of granting a patent is to encourage and develop new technology and industry. The theory upon which the patent system is based is that the opportunity of acquiring exclusive rights in an invention stimulates technical progress in four ways:
(i) that it encourages research and invention,
(ii) in induces an inventor to disclose his discoveries instead of keeping them as a trade secret;
(iii) it offers a reward for the expenses of developing inventions to the stage at which they are commercially practicable, and
(iv) it provides an inducement to invest capital in new lines of production which might not appear profitable if many competing producers embarked on them simultaneously.
The object of patent law is to encourage scientific research, new technology and industrial progress. Grant of exclusive privilege to own, use or sell the method or the product patented for a limited period stimulates mew inventions of commercial utility. The price of the grant of monopoly is the disclosure of the invention at the Patent Office, which after expiry of the fixed period of monopoly, passes into the public domain.
The object of granting a patent is to encourage and develop new technology and industry. An inventor may disclose the new invention only if he is rewarded; otherwise he may work it secretly.
In consideration of grant of monopoly for a limited period, the inventor discloses the details of the new invention and the method of working it so that after the expiry of monopoly period others can use the invention or improve upon it.
The consideration for grant of a patent monopoly are: (i) the working of the invention within the country so as to result in the establishment in the country of a new industry or an improvement of an existing industry which would profitably employ the labor and capital of the country and thus increase the national wealth, and (ii) disclosure to the public of the invention and the manner of its working so that on the expiry of the life of the patent the public are enabled to work the invention themselves and in comparison with each other.