Question

Discuss some of the limitations of the patent system.

Answer 1

The patent system is meant to enhance innovation by awarding inventors a patent for their inventions' success. The patent takes governmental grants to inventors to exclude the competitors from using, making, offering for sale, or importing to the United States (Yelderman & Stephen, 1260). Therefore, the patent system promotes legitimate and ethical trade among producers of certain products that dominate the market share.

However, the patent system has several demerits to the business people and the agencies involved in enhancing the transactions. The strategies adopted in coming up with a patent take a lengthy procedure, and by the time it becomes successful, the technology advancement may overtake the idea formulated. The patent license requires an annual fee failure to which the latent permit expires. The development of technical information is essential, and the need to familiarize with a patent an individual, the top secrecy needed helps keep off the potential competitors.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The patent system is meant to enhance innovation by awarding inventors a patent for their inventions' success.