They are not exclusive and have different purposes.
A patent allows you to prevent others from copying your invention without permission from you. A paper on the other hand allows you to share your discovery/invention with others, with "peer review" for most journals.
I think if the work is important and high quality, it does not matter if it is published in a patent, paper, blog, it will be noticed by people.
Indeed, you cannot compare the two - they lie in different dimensions. A patent could make you rich, but it doesn't make you a PhD. And vice versa ... :-)
In my view, a patent restricts the use of an idea, discovery, invention, etc while an article is to share those ideas, discoveries, inventions with as many as possible. Some patents are truly worthless but look good on a resume!
Following are the main differences between Research Paper and Patent:
Research Paper:
A research paper may be published when a researcher conducts experiments and lay down the inferences (findings) from those experiments. Research paper can also be a review of previously done researches (discovery) and a compilation of the same with correct interpretation. It may or may not bring out an invention.
A publication of a research work may or may not guarantee an industrial application.
Publication of a research article entitles the researcher of his authorship.
A research paper is not enforceable in the court of law and does not grant monopoly over the author’s research
Any name may be included in the authorship of a research paper. This may include the principal investigator, the group head, even a research assistant.
Research paper may be published in any format as acceptable by a journal.
All research papers are not available for public scrutiny.
Patent:
A patent is granted only for an invention that is novel, non obvious and has some industrial application.
A patent needs to be industrially applicable.
Publication of a patent entitles the researcher of his inventorship.
A granted patent is enforceable in the court of law and entitles a monopoly for a fixed period to the inventor/his assignee.
A researcher contributing to at least one granted claim in the invention is considered as true inventor and can have his name associated with the patent.
Patent documents all over the world has more or less similar format having sections like background, summery, detailed description, diagrams and claims among others.
All patent documents are inevitably published once granted.
The patent has more value and it protects the inventor from copycats. I have 3 patents, 2 USA and 1 European. If the patent is sponsored by the company you work for her you don't get much royalty. On the other hand in the United States it costs a lot of money to patent including attorney's feed. So one has to weight the options and sometimes the idea may be tranlated into a good technical paper if the patenting costs are too high and you cannot afford it.
I think the answer by Mahmoud Omid is comprehensive, but I also believe one can write both the patent and a research paper from the same idea depending on the information one chooses to put in each.
I believe a patent is more worthy. This is because a high quality paper will probably introduce you to the world as the original source of the information the paper carries. There is virtually a nonsexist control over the said information even if published in subscription-based journals.
However a PATENT more or less connotes OWNERSHIP.
Subsequent users of the Patented technologies are paid royalties for several years. The owner of the patent gets recognition for several years to come.