Answered: Global Implications of Patent Law…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Global Implications of Patent Law Variation • A patent is an exclusive right to use an invention for a certain period of time, which is given to an inventor as compensation for disclosure of an invention. Although it would be beneficial for the world economy to have uniform patent laws, country has its own laws designed to protect domestic inventions and safeguard technology. Despite widespread variation, patent laws generally fall under one of two principles: the first-to-file and first-to invent different The first-to-file principle awards a patent to the person or institution that applies for a patent first, while the first-to invent principle grants the patent to the person or institution that was first to invent- and can prove it. Most countries have adopted the first-to-file system. However, the United States maintains a first-to-invent system, despite obvious shortcomings. A result of countries employing patent law principles is inconsistency of patent ownership.

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