Patent is an exclusive right granted for an invention to the inventor or his assignee for a limited period of time, excluding others from making, using, selling or importing any product covered by a patent or, if a patent is for a process, then from using the process or a product obtained by that process, for the above actions. For this purpose, an invention is defined as a new product or process, involving an Inventive Step and capable of Industrial application.

Patent is an award for the inventor and reward for the investor. The grant of patent attracts investment because the commercial exploitation of the invention is possible to its fullest extent during the term of the patent. Another major advantage of patent system is, that it promotes 'Invent Around' concept. Patent is granted only when the invention and it's operation or use and the method by which it is to be performed are fully disclosed.

The object of patent law is to encourage scientific research, new technology and industrial progress for public good. Grant of exclusive privilege to own, use or sell the method or product patented for a limited period, stimulates new inventions of commercial utility.