Final answer:
The claims section is the most critical part of a patent application as it defines the scope of protection and is key to determining the rights of an inventor and the liability of an infringer. Patents contribute to Intellectual Property Rights by granting exclusive rights for a limited time, usually up to 20 years for inventions such as pharmaceuticals.
Step-by-step explanation:
The most critical part of a patent application that determines both the inventor’s rights and an infringer’s liability is b) Claims. The claims section defines the scope of the protection granted by the patent, detailing what is and what is not covered under the patent rights. As such, this section is integral in determining legal boundaries and is often scrutinized in cases of alleged infringement.
Patents are granted for the invention or discovery of any new and useful process, product, or machine, and constitute a significant aspect of Intellectual Property Rights. The guarantee of exclusive rights to the inventor to make, use, or sell the invention for a limited time is provided to incentivize innovation. Typically, for patents related to pharmaceuticals, this period can last up to 20 years, allowing the patent holder to earn monopoly profits and recoup research and development investments.
It is important to note that while the number of applications filed for patents increased substantially with the advent of the Internet and new laws, the inherent value of an invention is not always fully captured by the inventor, with economic studies suggesting they receive only one-third to one-half of the total economic value of their inventions.