In today's fast growing economy, innovation is adopted as major strategy to achieve competitive edge in  the market. Expectations of the consumer on one hand and competition on the other hand put huge pressure on the companies to introduce new products in the market. However, short product cycle and increasing competition put enormous pressure on companies to have sustainable innovations so as to become and remain competitive in the domestic and foreign markets. Appropriate protection of innovation is extremely critical and the exclusive rights provided by a patent may be crucial for innovative companies to prosper in a challenging, risky and dynamic business climate.