Top-Rated Free Essay

Intellectual Property Rights

Satisfactory Essays
Reaction Paper on Intellectual Property Rights
Modern usage of the term Intellectual Property goes back at least as far as centuries back. The history of patents actually sprung not from scientific inventions but rather from royal grants for monopoly privileges. Now we ask, what is Intellectual Property and what does it signify? First we define Intellectual Property as creations of the mind such as inventions, literary pieces, artistic works, images, trademark names, and design. There are two categories of IP, namely Industrial property pertaining to inventions, industrial design, trademarks, and the other type is Copyright which includes literary and artistic works. These exclusive rights allow the owners of the intellectual property to benefit from their creations, mainly involving a financial aspect in the picture. This is important whenever these are products of research and development ventures.
The term itself has its own share of limitations by distorting public perceptions creating a bias by advocating monopolies claiming ownership of scarce physical things, associating them to property rights. Intellectual property tends to be directed by economic goals when it should be regarded mainly as a social product. To serve us, intellectual property rights must be respected and conformed to human rights. Another limitation is probably its focus on individual work. So how about outputs from the combined efforts of the whole community.
Nowadays, I think the trend is that companies are putting more attention to intangible assets in determining the value of the company. There are several treaties and international agreements that are founded on the notion that the protection of intellectual property rights is important in sustaining economic growth and development globally especially for developing countries in all industries.
There are also ethical problems brought about by intellectual property rights. For example, pharmaceutical companies would use intellectual property rights to disadvantage others, the consumers. When they produce medicine, they would want to stop the other drug manufacturers from manufacturing these drugs without incurring additional cost of research and development. In doing so, they are allowed to charge higher selling price to recover costs. The higher prices harm consumers since they might not be able to purchase the drug which is supposed to save their lives. The incentives for innovating constituted by IPRs establish a direct relationship innovation and price.

You May Also Find These Documents Helpful

  • Good Essays

    around intellectual property rights in the digital age. These issues have resulted in various lawsuits, creations of laws, new definitions, and differences of opinion. I plan to elaborate on both sides of this issue and how the digital age has enabled this to become one of the hottest controversial issues in regards to the internet and the digital age. First I would like to go into the history and background of why people are for the protection of intellectual property rights. Intellectual property…

    • 1137 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Intellectual Property Rights

    • 2626 Words
    • 11 Pages

    INTRODUCTION Intellectual property surrounds us in nearly everything we do, at home, school; work, at rest and at play. No matter what we do, we are surrounded by the fruits of human creativity and invention. The importance of protecting intellectual property rights has received heightened recognition through the increase in world trade. It is estimated that billions of dollars of business is lost due to illegal counterfeiting. Between five to eight percent of all goods and services sold worldwide…

    • 2626 Words
    • 11 Pages
    Powerful Essays
  • Satisfactory Essays

    international business community is being too lax about the abuse of intellectual property right? Are international companies simply afraid to speak out for fear of jeopardizing access to attractive markets? In our opinion, the international business community is not being too lax about the abuse of intellectual property right. It is because there is a great incentive to abuse intellectual property rights since it provided legal right to the inventor of the product. Those countries are not neglecting…

    • 275 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    Intellectual Property Rights

    • 6364 Words
    • 26 Pages

    INTELLECTUAL PROPERTY RIGHTS The character of world trade has undergone significant changes in the last decade. Many issues have come to the fore to influence the trade patterns. The concerns of environment, assertions on human rights the sympathy (?!), for child labour, to mention a few, have, been exerting dominant influences. Transfer of polluting industries to the developing nations, using poor economies for pollution control are all totally new issues defying the relevance of the traditional…

    • 6364 Words
    • 26 Pages
    Powerful Essays
  • Good Essays

    Intellectual property rights

    • 3463 Words
    • 11 Pages

    Property is something that individuals and companies can own. Broadly, the property is divided into: Tangible and intangible property. The word ‘tangible’ refers to something that has a definable physical form that can be touched, whereas, word ‘intangible’ refers to something that cannot be perceived by the senses. Further tangible property can be divided into two distinct types that is: Real property refers to land or real estate; Personal property refers to specific items and things that can be…

    • 3463 Words
    • 11 Pages
    Good Essays
  • Good Essays

    Intellectual Property Rights In the accession, there is no specific commitment in intellectual property rights area for China to achieve. However, GATT, GATS and TRIPS are the three major agreements in WTO, representing international trade, services and trade-related intellectual property rights (IPR), to regulate the rules for WTO’s members to obey. So upon accession to WTO in 2001, China acquiescently acceded to the WTO agreements including TRIPS. Improvement in IPR Protection With technical…

    • 588 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Intellectual Property Rights

    • 11492 Words
    • 46 Pages

    Intellectual Property Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. IP is divided into two categories: Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of source; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings…

    • 11492 Words
    • 46 Pages
    Powerful Essays
  • Best Essays

    INTELLECTUAL PROPERTY RIGHTS ‘LIST OF GEOGRAPHICAL INDICATIONS OF INDIA’ SUBMITTED TO MR. TANKMAY KANDEKAR SUBMITTED BY SANHITA WAGH (M/MFM/12/37) NIFT, MUMBAI GEOGRAPHICAL INDICATION LAW: A geographical indication (GI) is a name or sign used on certain products which corresponds to a specific geographical location or origin (e.g. a town, region, or country). India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods (Registration and…

    • 1389 Words
    • 6 Pages
    Best Essays
  • Powerful Essays

    Intellectual Property Rights

    • 6478 Words
    • 26 Pages

    MODULE-1 LESSON-1: GENERAL INTRODUCTION OF IPRs: What is IPR (Intellectual Property Rights)? Intellectual Property refers to creation of mind i.e. inventions, industrial designs for article, literary & artistic work, symbols etc. used in commerce. Intellectual property is divided into two categories: 1. Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications and 2. Copyright, which includes literary and artistic works…

    • 6478 Words
    • 26 Pages
    Powerful Essays
  • Powerful Essays

    INTRODUCTION 1.1 Intellectual property (IP) Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. 1.2 The Two Branches of Intellectual Property: Industrial Property and Copyright…

    • 2799 Words
    • 12 Pages
    Powerful Essays