Patent:

Patent is a form of intellectual property right. It protects the patentee's (the owner of a patent) interests for his invention.

A Patent is a set of exclusive rights granted by the government to a patentee for a fixed period of time in exchange for the regulated public disclosure of certain details of an invention: a device or a method,process or composition of matter which is new, inventive and useful , industrially useful or commercially exploitable.

The exclusive right granted to a pantentee is the right to prevent or exclude others from making using, selling, offering to sell or importing the claimed invention. The rights granted does not include the right to make, use or sell the invention themselves.

The patantee may have to comply with other laws and regulations.

Example: A pharmaceutical company that obtains a patent on a new drug has to obtain approval from regulatory bodies