3.1 Patent or perish  (Page 10/5)

Introduction

Nanotechnology is one of the newest and fastest growing scientific fields in today's world. As many newideas and applications come along, there is an overwhelming need for numerous patents. Since nanotechnology poses such greatpotential for technological advancement and therefore tremendous financial gains, patents in this field become especially important.A patent is defined as a public document that demonstrates the use of a new product or process and that consequently gives thepatentee exclusive rights to the development and profit of his or her invention.[1]

The three basic types of patents are:

• Utility Patents: A patent for the function of an invention. For example, a patent on a mousetrap.
• Design Patents: A patent for the non-functional characteristics of an invention. For example, a patent on aspecific design of jewlery.
• Plant Patents: A patent for an asexually reproducible plant.[2]

Additionally, there are four basic requirements for patent law. First, it must be a novel idea. Next, itmust be a non-obvious idea. Thirdly, the patent must have a practical purpose or a marketable application. And last, the patent must bedescribed in such a way that it can be interpreted and used by a person skilled in the particular field (i.e. nanotechnology).[3]

To protect the inventor, the patent systems in the United States and other countries allow the patentee to takeaction against infringers through civil lawsuits. The definition of infringement in the United States is defined in the case of WolverineWorld Wide, Inc. v. Nike, Inc.:

"[F]or a court to find infringement, the plaintiff mustshow the presence of every element or its substantial equivalent in the accused device."[4]

Why are patents important?

The United States has a patenting system to allow inventors, ranging from corporations to universities, to get aguarantee of a return on their investment for their research. Without this, capitalism, the driving force of our entire country, could notflourish because inventors would not be able to secure their ability to profit from their invention. For example, in the case of apharmaceutical company, investors will put in billions of dollars into research for new drugs over a long period of time (often a decade ormore). They are willing to do this on the assumption that they can obtain a patent which will allow them to obtain revenues as the soledistributor of that product. In addition, patents are also important tools for university researchers and their institution to receiveprestige and recognition. For example, Dr. Richard Smalley, a professor at Rice University in the chemistry department, obtainedpatent number 5227038 for his discovery of the fullerene- more commonly known as the Buckyball- a third form of carbon.[5]First, with this patent, Dr. Smalley and Rice University became known worldwide. This recognition included a Nobel Prize for Smalley as well as large government contracts and grants for the school. Second, withthis patent, future possibilities of earnings-via royalties-were opened up for the school and thus leads to further research.