Intellectual Property (IP)
IP as a general term refers to the subject matter of the laws that give rise to proprietary interests in creations of the mind. The various tools of IPR that are used to protect innovations are Copyrights, Industrial Designs, Data Protection, Geographical Indications, Patent and Trademark.
Introduction to Intellectual Property Rights (IPRs)
In earlier times, the concept of property meant something tangible. Man used to be in possession of property and property became a source of wealth and status in society for him. As time went by, property created by the scope of one’s intellect became what is now known as Intellectual property. The problem with Intellectual property was that it was intangible in nature. The need arose for laws to protect such kind of Intellectual property. Therefore, laws originated to protect the various forms of Intellectual property like trademarks, copyrights, designs, patents and Geographical Indications.
Importance of IPR in current global scenario
It is a well-known fact that the role of Intellectual Property (IP) protection has expanded at an unprecedented pace during the last two decades. It is the key factor for economic growth and advancement in the high technology sector. They are good for business, benefit the public at large and act as catalysts for technical progress. In current global scenario, innovation and creativity provide companies and nations a cutting edge over their counterparts. Continuous evolution of new products vis-à-vis new technology is required for economic development and growth of companies and nations. Today, possession of land, labor and capital are just not enough for a country to succeed. Creativity and innovation are the new drivers of the world economy. The policies adopted by a country shall determine the nations well being and further as to how it is developing the trapped intellectual capital. An effective intellectual property system is the foundation of such a strategy. Within knowledge-based, innovation-driven economies, the intellectual property system is a dynamic tool for wealth creation providing an incentive for enterprises and individuals to create and innovate intellectual assets and enjoy a stable environment for domestic and foreign investment. Geographical barriers to trade among nations are collapsing due to globalization, a system of multilateral trade and a new emerging economic order. It is therefore quite obvious that the complexities of global trade would be on the increase as more and more variables are introduced leading to uncertainties. Many products and technologies are simultaneously marketed and utilized in many countries. With the opening up of trade in goods and services intellectual property rights have become more susceptible to infringement leading to inadequate return to the creators of knowledge. Developers of such products and technologies would like to ensure R&D costs and other costs associated with introduction of new products in the market are recovered and enough profits are generated for investing in R&D to keep up the R&D efforts. Companies that protect their intellectual property enjoy many benefits-
Firstly, they manage to protect the name of their company and their logo through the concept of Trademarks. This is important in the contemporary world as the Company is known and made popular by its name or its logo. The style of writing or the artistic work in the making of the name plates gains protection under the concept of copyright. Furthermore, all brochures and pamphlets that the company may make are also protected by copyright. The innovative designs of the products that the company makes gain design protection. A new invention which the company comes up with gains protection through patents.
A company which has successfully protected its Intellectual Property does increase the value of its portfolio. In the era of mergers and acquisitions, the value of the...
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