What is exclusivity of IP?
The owner of an IP right is granted exclusivity over that IP. This means that without the owner's permission or legal justification, nobody is allowed to use the owner's IP. This exclusivity also prohibits the granting of identical rights to two or more parties. For example, if a company applies for a patent and is granted one, other parties cannot obtain protection for the same invention. It's important to note, however, that exclusivity pertains to the invention that is protected and not the object that embodies the invention. For instance, a smartphone that embodies one or more patents becomes the buyer's property once it's sold, but the underlying patents can still be used by the owner to prevent others from manufacturing or selling smartphones using the patented invention.