Patents are essential for promoting innovation, safeguarding inventions, and maintaining a level playing field. It is the process of obtaining legal protection for a new invention or innovation, granting the inventor exclusive rights to use, make, sell, and license the invention for a specified period.
This gives inventors the assurance that they can capitalize on their innovation without the fear of competitors stealing it. For instance, the iPhone design by Apple was patented, ensuring that other companies couldn't create identical designs and sell them as their own. Similarly, pharmaceutical companies like Johnson & Johnson and Merck rely heavily on patents to protect their drug formulas, securing their market position and enabling them to recoup the investments made in research
DeepIP Nabs $15 Million To Make Patent Filing A Breeze With Its AI-Assistant
- By Upasana Banerjee
- Published on
The organization's AI tool has streamlined the patent application process, reducing drafting time by up to 50% and saving legal professionals around two hours per day
