Patent licensing is an agreement between two parties in which a patent holder (the licensor) gives another party (the licensee) the right to make, use, or sell a patented invention. Patent licensing is a valuable tool for patent holders as it allows them to monetize their patented technology without having to invest in production, marketing, or distribution.
Patent licensing can also help promote innovation by enabling others to use patented technology in new and innovative ways. To find more details about patent licensing then visit https://intangibleroyalty.com/.
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By granting access to patented technology, patent holders can foster collaboration and create new products and services. For example, a biotechnology company may license its patented technology to a pharmaceutical company, allowing the pharmaceutical company to develop new treatments.
As a result, it can be a cost-effective way to expand a business. For example, a company may license a patented invention to an overseas company, allowing the company to manufacture the product and sell it abroad without having to set up a new production facility.
In addition to these benefits, patent licensing also can help protect a patent holder’s intellectual property. By licensing a patented invention, a patent holder can ensure that its invention is used for the purpose for which it was created and limit the chance of infringing on other patents.
Ultimately, patent licensing can be a powerful tool for unlocking the value of patented technology. By granting access to patented inventions, patent holders can monetize their technology, foster innovation, reduce risks, and protect their intellectual property. As a result, it can be a cost-effective way to bring new products and services to the market.