It can not be renewed. This right can be sold or licensed to third parties in return for fees and royalties. An invention must be new, useful and unobvious to qualify as patentable. Items covered by a design patent might also qualify for copyright protection in some cases. This is the primary type of U.S. Patent.
Patents contain a wealth of specific technical detail, research data, and drawings.
Patents and patent applications often published earlier than academic papers. Canada has about 2.5 million and the USA over 6 Million granted patents representing 150 years of technology. If you are an inventor, you should be aware of relevant prior art in your technology. If you are an entrepreneur, you should monitor your competitors' new products, and where they are patented. If you are involved in applied research, you need to review new and pending patents in your discipline.