Talk about some recent patents that may have a big impact on society. Advancements in technology or medicine would fit in here very well. A patent number is assigned to an innovation after the patent has been secured. The company that receives the patent number will then have an exclusive right to the innovation for a number of years. At some point in time, the patent will become public, depending on the type of innovation that has been protected.
Innovation ideas that have an impact on society are not afforded permanent patent protection. This is because the innovation can benefit so many people. Most patents for technology or medicine that do have an impact on society are only good for a number of years - depending upon the type of patent. After this time, other companies can be free to use this technology or innovation.
There has to be an incentive for someone to come up with an innovation that can help society. The incentive for most inventions is money and fame. Most of the time, a patent number for an innovation that will benefit society is assigned to a business. Businesses are always seeking to make a profit and they often get the patent number as a way to protect the innovation over which they will want to maintain exclusive rights. After they have been assigned the patent number, therefore, they can use the innovation to make as much money as they can.
In the case where the patent number is assigned for technology, medicine or some innovation that can benefit the greater good of society, it is in the interest of society to have access to the product. This is why the patent number is only good for a certain amount of time. The price of the innovation, when held exclusively by one company, will be more than if there is competition involved. Laws have been created to prevent such a monopoly on medications or technology that can benefit the rest of mankind. Courts recognize that while there has to be some sort of incentive to get people to come up with an innovation that can benefit society, there also has to be a time limit in place.
The length of time assigned to the patent number for the innovation depends on how the product will benefit society. The greater the benefit to society, the shorter the term for the patent number. Some of the most recent patents that have had a huge impact on society were for LCD technology. While this was exclusively held by Phillips for several years, this innovation is now being used by other companies, the patent number only being good for 7 years. Medications that have been given a patent number, however, are seen as a more necessary innovation and the patent numbers have not been good for that long. Most medications are patented from anywhere from 6 months to 2 years. One health innovation that is still under patent protection is Botox. Pharmaceutical companies will get a longer term on the patent number if the drug or innovation is not crucial to the well being of society.