K.Vikas, Christ University
ABSTRACT
For economic expansion and increased global competitiveness, intellectual property protection is essential. It has significant effects on a nation's capacity to foster stability and security. A patent that volunteers to be a component of a standard technology is known as a standard-essential patent (SEP). A license to that patent is required if another business wants to utilize that technology (unless the SEP holder agrees to waive that requirement). By designating their patent as "essential," patent owners open up the market for their invention, essentially exchanging their patent's exclusivity for greater uptake and depending on FRAND rules to provide an acceptable return on investment.
