A patent is an exclusive right that the state provides to the owner to protect an invention (this must be a new product or process). These rights allow the owner to exploit the invention’s full potential and impede any third party from using it without their consent.
The Mexican Institute of Industrial Property (IMPI) is responsible for granting patents.
This institution is responsible for the reception, evaluation, and grant of trademark registrations and patents. We have previously discussed the importance of registering your trademarks and the risks of not doing so.
You may be interested in our entry: Why is it important to register your trademark?
¿Cuánto dura la protección de una patente?
The time of protection of a patent is 20 years, starting on the day that the application was submitted. This protection will only be valid in the country where the application was made. Its time of publication is approximately 18 months if all requirements are complied with. If there were any observations, the IMPI would request clarification within a term of no more than two months. Otherwise, the application could be declared as abandoned.
The rights are granted to the holder within a period of approximately 30 months after the application is submitted.
What are the benefits of registering a patent?
● Encourages new inventions aimed at improving the quality of life.
● Motivates creativity.
● Prevents plagiarism of ideas.
● Prevents someone else from patenting your idea or product and therefore avoids getting involved in legal conflicts.
● You can patent a variety of products.
● You will be able to exploit your product commercially for approximately 20 years.
● You will have the possibility of granting licenses to third parties for them to use your product, and you will benefit from it as well.
After getting the patent, you should begin its commercialization. This way, you will profit from it while expanding the presence of your product. Once your invention positions itself in the market, you will be able to grant those licenses to third parties.
It is important to know that the Mexican Institute of Industrial Property does not help build commercial strategies. Therefore, you should independently create a commercialization plan.
At QuAdrans Law and Finance we offer the intellectual property service, carry out all necessary procedures and provide you with the proper advice to get a patent. Contact us.
Legal and Accounting Consulting in Playa del Carmen
