what is patent?

 Patent is a form of intellectual property. Patent rights or simply patents refer to the exclusive rights given to the innovators of a new product for the use and sale of  their invention. The main rationale behind providing patent rights is to provide recognition to the innovators, who undertake rigorous research and development and also bear the risk associated with the inventions. These rights also prohibit the use of the same production methods and techniques by the other producers. Hence, no duplicity or imitation of either the products or of the techniques is possible till the expiry of the patent rights.