Since a patent confers legal rights concerning the exploitation of an invention, it allows the owner the best opportunity to profit from the invention by preventing others from copying it. An inventor does not need a patent in order to exploit an invention; but without a patent the inventor would not be able to prevent others from copying the invention.
Inventors are often not in a position to produce or market their invention from their own resources. Patents, being a form of commercial property, provide a basis for owners to negotiate with potential investors or other business partners while preserving their intellectual property rights.
The prospect of gaining profits from this special form of protection serves to promote research activity and to give an incentive for new investment. Income derived from a patented invention developed in Ireland may be eligible for special favourable tax treatment.