Being able to commercially exploit your invention is essential to ensuring that you are rewarded for the time and expense in creating something which is novel to the particular art. However, where there is money to be made others will seek to profit at your expense.
Patent protection provides you with an exclusive right to prevent third parties from using your invention. Similarly you can ensure those who exploit your invention with your permission do so under your terms. A patent will also place you in a stronger position should you need to take a particular matter before the court, infringement of your patent may entitle you to damages. In many situations litigation is the last resort and the mere fact that you have a Patent registered at the Intellectual Propery Office will be sufficient to deter potential infringers.
Once you have secured your patent, you become the proprietor of the ‘property’. Like any other form of property the property can be bought, sold and licensed.