The Patent is a monopoly right to exclusive use of an invention which lasts for a minimum period granted by the Statue and is a property which like any other business commodity may be bought, sold, hired or licensed by the Patentee. In other words, the patent is a right exclusively granted to the inventor as per the provisions of the Patents Act., in India, the Patent Act, 1970 which has been amended in 1999 and which defines the patent as under :

Section 2(m) : Patent means Patent granted under the Act.