A patent is a bunch of exclusive rights granted by the state to an inventor or his assignee on satisfying certain conditions. The inventor is given a monopoly right over the product for a fixed number of years in exchange for the public disclosure of certain details of a machine, method or the composition of matter. The objective of patent law is to encourage inventions by promoting their protection and utilization for the development of industries, promotion of technological innovation, and transfer and dissemination of technology. It stimulates new inventions of commercial utility. The patent is granted for a limited period to the inventor and after the period of expiry of the patent, the monopoly goes into public domain. Patent right is territorial in nature and patent obtained in one country cannot be enforced in other country.
Reference : https://link.springer.com/article/10.1057%2Fjcb.2010.20