PATENTING OF BUSINESS METHODS: ISSUES AND CHALLENGES

A business method can be understood as an effective method of conducting commercial transaction. An external patent incentive is not necessary to encourage and motivate the creation of business methods. The globalization, liberalization and industrialization have paved the way for increasing business all over the world. For which business method has assumed much importance. Business method patents are relatively new species of patent regime and holder of business methods has exclusive rights to a particular way of doing business. This paper focuses on patenting of business methods in India and USA and existing position in TRIPS.