Patent: It gives the owner his intellectual property right to use his inventions exclusively for himself. A license is generally valid for twenty years after which it has to be renewed. Patent laws in different countries are different according to the constitution. Through this patent, the owners get the right to exclude others from making, using or selling the invention.
Copyright: By copyright, a person gets exclusive legal rights to use his original work for his purpose. No other person can copy a part or whole of the work of the former on which he has got copyright. Violation of the act shall invite legal actions against the wrongdoer. The copyright may be issued for original works such as a book, a song or a computer program. In layman terms, copyright gives you the legal means to protect your work.
Both patent and copyright are very much useful for its owners, but every coin has two sides. If there is a merit of a particular thing, there is a demerit too.
A copyright gives its owners exclusive rights to use his work for his purposes only. No other person can use that piece of work without the consent of the copyright owner.
Another plus point with copyright is that it protects the intellectual property. There are many strict laws for copyright violations under copyright law. The wrongdoer will be sentenced to severe punishments and hefty fines.
Talking about the demerits, the registration and fees are a significant burden. The amount is vast which creates a hindrance.
Another main disadvantage is that it is costly for the owners to enforce the copyright as well.
The most significant advantage is that a license gives legal protection to the owners for their inventions. The government, indirectly, gives monopoly rights to the owner for the design. This way, nobody can use the device in the market other than the owner itself.
The patent owner when gets a monopoly can raise prices to extreme levels since there is no competition. This way, he can earn abnormal profits.
The drawback of patents is that they are costly to acquire.
Another disadvantage is that patents are for an only short time as compared to other intellectual property types. It is generally for twenty years only.
From the above points, it is evident that there will be cons if there are pros. But it is always advisable to get your works patented or get the copyright to avoid others from taking the credit and misusing it.