Patents are the most relevant kind of intellectual property protection for technology-driven industries, particularly high-tech (including biotech) startups. They grant intellectual property rights (IPRs) covering technical inventions and relate to compositions (e.g. of a new chemical entity), processes or methods of making these, or their use for a particular purpose.

More specifically, patents grant the right to prevent others from making, using, offering, storing, selling or importing the invention. In exchange for this legal right, the inventor must publicly disclose the description of the patent application.

This includes how to make and use the invention and thus enables others to build on the inventor’s findings and to participate in the invention’s commercial potential once the patent term has expired. That way, patents contribute significantly to the technological progress of an economy, compensating society for handing out a temporary monopoly right to an individual.