What Does PTE Stand For?

PTE stands for Patent Term Extension

Patent Term Extension (PTE) is a legal mechanism that allows patentees to extend the duration of their patent protection for a limited period, typically up to five years, to compensate for time lost during the regulatory approval process for their products. This extension aims to encourage innovation by providing additional market exclusivity for inventions, particularly in sectors such as pharmaceuticals and biotechnology, where lengthy approval timelines are common. PTE is governed by specific legislative frameworks that outline eligibility criteria and application procedures.