What is a Patent?
A patent is a license provided by the government, which gives the issuer the exclusive right to process, design, or create a new invention within a specific period. In the U.S., the United States Patent and Trademark office handles the application and documentation process. Most patents in the United States are valid for twenty years. A patent can provide individuals and companies the right to create a new product without the fear of competition. A good example is within the pharmaceutical industry.