Econ 483_Lecture 3_Patents_Market structure

35 usc paragraph 154 it grants a legal monopoly to be

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Unformatted text preview: suing the patent. (35 USC, paragraph 154) ) It grants a legal monopoly. To be patentable, an invention must meet four requirements: patentable-subject-matter utility novelty non-obviousness Lecture 3: IP & market structure, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rights reserved. IP Characteristics Basic requirements Subject matter: any new & useful machine, a manufactured product, a process for manufacturing objects, a composition made from two & more substances, a method that produces concrete & tangible results, a business method, a selling technique etc can be patented. e.g. life forms reproducible cell line, the Moore line, the Harvard Medical School oncomouse the method of calculating the net value of mutual funds auctions Lecture 3: IP & market structure, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rights reserved. IP Characteristics Basic requirements Patented inventions must be disclosed. All parties (rivals & courts) know what is protected. Disclosure facilitates follow-on innovation. Disclosure puts innovation in the public domain after expiration. Lecture 3: IP & market structure, Econ483: Econ of Innovation & Technology, Evangelia Chalioti c A ll rights reserved. IP Characteristics Basic requirements Utility: an invention must o¤er some positive bene…t to society. This rule is used to: deny patents to drugs that have not been showed to be safe & e¤ective chemical compounds whose only known use involves experimenta...
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