Why Patent? Ways To Monetize Patents

Patents, as one part of intellectual property protection, provides a valuable tool for protecting ideas, R&D, and business growth. It is a political policy decision of how patents are obtained, maintained, enforced, etc. Different countries have different views on patent policy. For many, though, patents are a driving force for economic development. And for other naysayers, especially in the world of pharmaceutical and other medical developments, they say patents are antithetical to human progress and human rights. Again, that discussion of who is right (if anyone) is a matter left for policy makers.

Aside from the macroscopic view of patent policy, patents are obtained by private companies or individuals, not usually governments. For companies and individuals, why patent at all? Can one make money on patents? In this article, we discuss some basics reasons why people patent and what effect it has.