A Pitch of Intellectual Property Rights.

May 10, 2022

There’s Intellectual Property in every product and service we are using today in our daily lives.

In simple words, anything that is created by the person by applying his mind or intellectual becomes his intellectual property. For instance, a person is setting up his/ her business wherein he has designed a logo for his business/ brand will be termed as his Intellectual Property. Similarly l, all scientific inventions today are also Intellectual property. The intellectual property rights are intangible in nature and grant inventor exclusive rights for their valuable invention or development.

Intellectual Property Rights plays a significant role in today’s Era. In this modern world, Intellectual Property enhances every aspect of our lives. It is one of the key drivers of our world.

Benefits of Intellectual Property Rights

IPR refers to any new invention or idea that is created by and individual or business for some specific purpose. It can have both commercial and moral value. Such inventions are innovative and life changing and has to be protected by the one who came up with such concept under Intellectual property rights and laws that govern the country. Below here we shall shed some light on the benefits of the Intellectual property rights.

IPRs help in creating a great competition

Customers in the market these days are looking forward to something new and innovative. Everyone aims/ aspires to be the first one to offer a breakthrough products to consumers. If you need to create a certain image or Customer loyalty then Intellectual properties are very much essential. Customers associate a certain value with their favorite brands. This is where factors like goodwill, designs etc. come into the picture. This is how customers are attracted towards the brand where IPRs help them to differentiate their products and service requirements. This helps the brands to be promoted more to its target consumers.

IPRs enhances to build marker value

One of the greatest advantage of Intellectual Property is that it can generate income for the business. A person can license his Intellectual property and lend to other businesses in exchange of fixed income or royalties.

IPRs can be money making

In simple terms, it means that your intellectual property can help you convert your ideas and concept into product and services which are commercially successful. An IPR can be converted into an asset which can turn the idea into a huge money maker with great profits.

IPRs can strengthen opportunities in business

IPRs give the liberty to trade into exports business too. There is no law that states that Intellectual property has to be protected and can be used within specific boundaries. A person can seek franchising agreements with foreign companies and even export patented products worldwide.

IPRs help in raising finances

A person can choose to sell or license his IP or even use it as collateral while taking a debt. Also, the government of India has several laws that allows the Intellectual property owners to use their intellectual properties for public funding including loans, grants and subsidies.

In this digitalized world, there are higher chances of risk of creative ideas getting stolen without the consent of the author/ owner. Therefore, to protect the owner’s rights over his work, a new set of laws called Intellectual Property Rights laws was introduced later. These IPR laws provides protection and safe keeping to owners under different categories like:

Trademarks :- It refers to any logos, words, symbols or sounds which stands to be unique and distinctive to the business or product. For example, a blue bird logo of Twitter is its representative of brand and its protected and safe guarded by Intellectual Property Rights.

Copyright :- It is applicable on any published work such as songs, books, art works, films, web contents etc. Most watched cartoon show with the duo Tom and Jerry is the artwork copyrighted by Disney.

Patents :- Any new invention or creation that hold a potential and capabilities to commercial use is protected from the infringement or duplication by a patent. Recently, the giant Pharma Cipla lost a patent battle to Amgen Inc. for the injectable drug named Kyprolis.

Industrial Designs :- This attributes the features such as shape, patterns or composition applied to a product by any industrial process such as mechanical and chemical processes.

Geographical indicators :- A name or sign that is used on certain products to mark the identity or recognition of a particular geographical origin is known as geographical indicators. For example, Darjeeling holds a geographical indicator tag for its Darjeeling Tea.

In India, Intellectual Property Rights are protected by a host of laws and rules issued by government regularly. Therefore they are protected by the following legislation and rules:

Trademarks Act, 1991 and Trademarks Rules 2002 and 2017
The Patents Act, 1970 (as amended in 2005)
The Copyright Act, 1957
The Designs Act, 2002 and Design Rules, 2001
The Geographical Indications of Goods (Registration and Protection) Act, 1999

As these laws provide only domestic protection to Intellectual property rights and is bound to India only, government has also signed agreements with other countries for safeguarding our intellectual property.

Infringement of Intellectual Property laws

An Intellectual property Infringement is a violation or breach of an intellectual property right. It is said to be infringed when the work protected by the Intellectual property laws is used, copied or exploited by someone without the permission of the person who own the original rights For instance, Intellectual Property infringement are counterfeiting and piracy. Therefore, punishments and fines are laid down under the acts mentioned above as per the violations committed.

Conclusion

Intellectual Property is increasing globally and is playing a vital role in our lives. A common man is coming across Intellectual properties from dawn to dusk and is very closed linked with the products which are protected by law under Intellectual property right. The violation of these rights without permission of the owner may amount to a serious offence. Therefore, the knowledge about Intellectual property rights is must for a common man.

References

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May 10, 2022