Question

Pros and cons on patents and trade secrets

Answer 1

Patents provides intellectual rights to the owner on his invention for a certain period of time . Legally it does not allow others to use, make or sell the invention for a certain period of time.

Pros of patents

1.Exclusive right is in the hands of the person for a certain period of time.

2. It gives the opportunity to people to innovate something new by protecting their rights.

3.A person can use his own invention for profitability purpose by applying for patent on his invention.

Cons of Patents

1.Applying for a patent is a time consuming process.

2.Applying for a patent is also a costly affair.

Trade secrets are also a type of intellectual property but it includes formulas, practices, processes, various designs and other things. It gives any company a chance of getting competitive advantage over others.

Pros of Trade secrets

1. Trade secrets are not for a fixed period of time as was in the case of patents. Until and unless it has not been exposed, it is secured.

2. It does not have any registration fee.

Cons of Trade secrets

1. If the trade secret is used in any new product then it is possible that other companies can investigate the features of the product and use the secret.

2. It is difficult to enforce a trade secret rather than a patent.

3. Although there is no registration fee but to keep the information confidential is also a costly work.