There have been various forms of intellectual property (IP) which encompasses patents, trademarks, copyrights, etc. To know more about IP, please refer to the article “What are Intellectual Property Rights?”. Amongst different forms of IP, patents have been unarguably the best mode of IP protection available to any invention in the form of a product or a process. However, recently, trade secrets have become an important part of the IP portfolio of any organization.  Both patents and trade secrets can be used to protect inventions, formulae, process steps, and ingredients in a composition. However, it depends on the nature of the information and the applicant who is required to assess the best mode of protection for such information. To do so, it is essential to understand the important ingredients and requisites of patents and trade secrets. While the law relating to patents is codified and well developed through judicial precedents,…