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The word patent as several meanings in the medical industry. Patent has the medical meaning of open or unblocked. A medical patent also refers to a government license to prevent others from using an invention, and is used to refer to patented drugs and patented medical devices.edical Patents. A patent also refers to a license provided by the government to prevent others from practicing an invention for a limited period of time, in return for describing the invention in sufficient detail to allow one with 'ordinary skill in the art' to practice the invention once the patent expires.
DEFINITION of 'Patent'. A government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time. Applications for patents are usually handled by a government agency. In the U.S. the United States Patent and Trademark Office handles application and documentation.Next Up. government license that gives the holder exclusive rights to a process, design or new invention for a designated period of time. Applications for patents are usually handled by a government agency. In the U.S. the United States Patent and Trademark Office handles application and documentation. Next Up.