Patent

A patent is an intellectual property right which is examined and granted by the competent authority (e.g., Patent Office) for a creation of invention, utility model, or design “to prevent third parties from commercially exploiting the creation without the patentee’s consent” for a limited time period in exchange for public disclosure of the creation when the patent is granted.

According to the Patent Act, patents are granted only for inventions that are new, involve an inventive step and are industrially applicable. An invention must meet the following requirements:

(1) It is not known to the public in any form.

(2) It is not obvious to a person skilled in the art.

(3) It can be manufactured or used industrially.