Patent Licensing: Strategies For Effective IP Commercialization

1. Patent Licensing

The journey of a patent application does not end with its grant as a patent, rather it continues until it is commercialized. A good invention offers economic rewards to its inventors, e.g., earning returns by selling of the manufactured products in the market or licensing the patented technology to interested parties. However, if the invention is not good or useful for the public or is unable to work in a country due to technological limitations, the inventor or patent holder might be unable to make a profit out of it. ¹ Thus, a patent is a business asset that provides a protective shield, enabling a patent holder to use the patented invention commercially and reap its commercial benefits.