If a product/process is patentable, does it mean that freedom to operate exists for that product?

It does not mean that freedom to operate exists for that product, if a product or process is patentable. FTO and patentability of an invention has different criteria. Please refer answer of question number 5 for criteria.

Let us consider an example scenario where Company A has a patented fan. The fan includes – three blades connected to a motor housing. Further, Company B has come up with an improved fan with aerodynamic blades. Company B obtains patent rights for a fan with improved blades. Fan by Company B includes – three aerodynamic blades connected to a motor housing.

Here, the improved fan from Company B is patentable because of the novel feature introduced by the aerodynamic blades. However, Company B cannot commercialize the improved fan without taking license to market a fan with three blades connected to a motor housing. In other words, Company B does not freedom to operate the improved fan, even though the improved fan is patentable.