Intellectual property (IP) is the legal protection of mental creations with moral and commercial value. In most cases, intellectual property law grants the creator of an intellectual creation exclusive rights to exploit and profit from their work. However, these rights’ scope, duration, and geographical extent, also known as monopoly rights of exploitation, are limited.
By ensuring that the benefits derived from exploiting a creation benefit the creator, intellectual property protection is intended to stimulate human creativity. This will encourage creative activity while also providing a reasonable return on investment for R&D investors.
Intellectual property (IP) is the legal protection of mental creations with moral and commercial value. In most cases, intellectual property law grants the creator of an intellectual creation exclusive rights to exploit and profit from their work. However, these rights’ scope, duration, and geographical extent, also known as monopoly rights of exploitation, are limited.
Intellectual property legal titles concern the acquisition and use of various rights to various types of creations. These can be industrial or literary, and artistic.
IPR in India:-
Intellectual property refers to any human-created innovation. It could be in the form of art, technology, literature, symbols, or names. Innovator rights are protected under IPR. This means that the investor retains ownership of the invention, which they can choose to license for mass production.
IPR protects the inventor’s monetary and non-monetary (reproduction or publication) interests. Non-monetary benefits include proper author credit when your work is reproduced or published in a scientific journal or for further research. The country’s commitment to IP protection reflects the importance of intellectual property rights in India. In India, intellectual property protection is primarily governed by the Indian Patents Act of 1970, the Trademarks Act of 1999, the Geographical Indications of Goods Act of 1999, the Industrial Designs Act of 2000, and guidelines on computer-related invention protection.
Aside from that, our country has signed agreements under the Berne Convention, the Copyrights Act, and the Information Technology Act of 2000. It has also established a National Intellectual Property Rights Policy following the TRIPS Agreement of the World Trade Organization (Trade-Related aspects of IPRs).
IPR and economic growth:-
The World Intellectual Property Organization (WIPO) reports that the number of patents filed in India in 2018 was more than 2.5 times that of 2009. During the same period, India’s gross domestic product nearly doubled.
This could be attributed to businesses’ lack of awareness about patenting activities in the early 2000s. However, businesses and policymakers have identified IPR as a model for economic growth over time. There is a greater emphasis on research and raising awareness of patenting processes. According to WIPO, a strict patent regime has benefited a developing country like India. By reverse-engineering non-patented products, India has the unique ability to mass-produce more affordable varieties of technology. Because of its low production costs, India has also received technology transfer offers from more developed countries. India has been a pioneer in replicating advanced-country technologies and making them affordable and accessible to a larger population. in the healthcare sector
Simultaneously, there is growing concern that this patent regime will stifle economic growth as the country progresses from developing to developed status. This concern stems from the belief that the number of instances of technology transfers may decrease as a country develops.
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Innovative ideas as a means of profit
Opportunities for Export Business – Intellectual property improves a company’s productivity in the export market. An IP right holder may use these logos or designs to sell products and services in foreign countries, enter into a franchise agreement with an overseas corporation, or export proprietary products.
Encourage ideas by securing them
If anyone has a unique idea or development, there will still be people who will try to duplicate it for monetary gain. It is also necessary to safeguard intellectual property rights until a third party infringes. IP security can be implemented in all types and sizes of businesses. As a result, after assessing market needs and situations, a person should decide which Intellectual Property Rights (trademark, copyright, or patent registration) should be used to cover various areas of IP.
Business Expansion
Protecting their exclusive goods or services, which competitors will use to take market share, resulting in consistent growth and profits, is critical for small scale enterprises—loss of market share. Losing a sector’s market share at the outset can be hazardous to its corporate health in the long run.
IPR during the pandemic:-
The open COVID-19 pledge is a collaborative effort between IBM, Microsoft, Amazon, Twitter, Hewlett Packard, and Sandia National Laboratories. They have pledged to use their intellectual property freely to combat Covid-19 during the pandemic (Intellectual Property Rights). In this acute public health crisis (which will not be monetized), aspiring businesses may come forward to take advantage of this access and accelerate the development and implementation of diagnostics, vaccinations, therapeutics, medical equipment, and technological solutions. Other technology companies, as well as educational and research institutions, have joined this growing list. Since then, political leaders worldwide have developed proposals to broaden access to COVID-19-related intellectual property rights. For example, the EU is considering purchasing COVID-19-related rights to establish a pool or fund of publicly owned patents.
This is a significant step forward in the IP sector and an extraordinary effort by policymakers to ensure that patents do not hamper the fight against the pandemic. Several countries are now considering a compulsory licence scheme in which governments allow a third party to perform or use a specific procedure without the patent owner’s consent.
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Conclusion
A regular guy comes across intellectual properties from dawn to dusk. The items cover a wide range related to food, shelter, and clothing; survival, comfort, and pleasure items. He manages these assets by waking up in a Gautier bed, using a supportive Sleepwell mattress and pillows, getting a cup of Taj Mahal Tea, and going for a morning walk in a Nike tracksuit and shoes. At tea, a Modern Bread or Mother Dairy Milk, or a cup of Nescafe, driving to work in a Zen car, using a Compaq machine, and returning in a car.
In the evening, while watching Sony television and setting the alarm in their Swatch watch to wake up in the morning, he uses items that are someone else’s intellectual property. These properties are protected by copyright, a copying right, or a trademark as an ordinary man’s life is inextricably linked with papers and goods that are protected by statute as human property. The copying, alteration, and illegal duplication of these objects without the owner’s consent is a serious offence. As a result, knowledge of intellectual property rights is required for the average person.
