The transformaton of innovaton into commercial value depends primarily on appropriate protecton of the intellectual property, usually by patents, and efcient pathway(s) of its transferability as well as the transfer of the protected knowledge. The key features of patents, from an economic perspectve, are that they encompass new knowledge and confer monopoly rights to the owner. The exclusiveness of patent rights is generally conceived as a necessary mechanism to ensure further innovaton, stmulate advanced research and facilitate efcient market transactons with patent rights. The patent holder can transfer the technology embodied by way of grantng to others a license to use the patented inventon in return for a share of the revenues, usually royaltes. Patent rights transferability has been proven to be efcient and proftable to the industry as well as benefcial to the welfare of society. The economic and practcal perspectves of the transferability and commercializaton of patent rights are discussed.
Keywords: blocking patents, cross-licensing, exclusion right, intellectual property rights, innovaton, knowledge, licensing, patents, patent pools, technology transfer, transferability