A patent is an exclusive right granted for an invention. In other words, a patent is an exclusive right to a product or a process that generally provides a new way of doing something, or offers a new technical solution to a problem.
How Much Does It Cost To Patent A Product In South Africa
The “rule of thumb” is that to file a patent (“national phase patent“) in most countries costs between R25,000 and R45,000. However, to file a South African national phase patent costs only R11,950 (excl. vat).
What happens when you patent a product?
A patent is a right granted to an inventor by the federal government that permits the inventor to exclude others from making, selling or using the invention for a period of time. The SA Patent and Trademark Office (USPTO) grants patents for inventions that meet statutory criteria.
How long does it take to patent something in South Africa?
Registration and grant of a patent in South Africa usually takes place in under 2 years calculated from the filing date of the complete application.
Is it worth patenting a product?
The primary benefit of a patent is the right to stop your competitors from selling the same product. You can become the sole supplier of the product. Based on the law of supply and demand, lowering the supply allows you to sell your product at a higher price. If sales are strong, then the patent is absolutely worth it.
What are the disadvantages of patents?
Disadvantages of Patents
Details of the invention are publicly disclosed.
The application process can be lengthy and time-consuming.
A patent can be an expensive process even if it unsuccessful.
A patent has to be maintained, and there are costs associated with that.
How long does a patent last?
20 years
A U.S. utility patent, explained above, is generally granted for 20 years from the date the patent application is filed; however, periodic fees are required to maintain the enforceability of the patent.