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Importance of Intellectual Property Rights


Authored by Devanshi Goyal


Key words: innovation, protection, technology


Abstract

The world intellectual property organisation suggests the definition of IP as the legal right which are the manifestation of intellect in the industrial, scientific, literary, and artistic filed. The philosophy of property rights are considered to be the procured foundation for the legal protection of IP rights through which the, IP rights are considered as an efficient instrument in production and consumption of goods and services. The system of Rights and remedies which is essentially a traditional notion, galvanized in intellectual property at a large extent but has now become flexible because of the effect of new technology, temporality and most importantly the public policy.

Introduction

Intellectual property projects itself to design protection for the innovation and creativity. Without such protection of property, creators would face the risk due to free-riding of their creations and expressions and this would eventually leads to loss of any incentive for innovation for any further produce. IPRs encourage innovation and creation in a form of protection granted to the creator against the market failure. Furthermore, without such IP regime, consumers are at loss not only in the form of market failure but also to the means of unfair trade practices, deceptive techniques and confusing sources of origin of a product. These information asymmetry are protected under the IP regime.

The production of any creation is the combination of time, energy and efforts. The time needed for any project varies very greatly, for instance it may be few minutes to few years. The creative work also requires huge amount of capital and of course the education or the skill involved. Adding all these things takes up a great amount of investment, by any creative professional, thus it becomes necessary to provide recognition and respect to such intellectual creation of the creator.[1]

Object of Intellectual Property Rights

With the evolving world, there is a significant change in the variety of offences committed, new offences have stipulated themselves with the changing times, and requires new remedies and law enforcement with them. The illegal use of unique ideas generated by other person is has now become often in these days, the unique ideas or creations are the important aspect in any form of business. However there are still many businesses who have failed to recognise the value of IP and the risks associated with it. Thus one of the reason for the failure of businesses is not taking any punitive steps for the protection of IPR .

IPR protection fosters the innovation and helps the business to attain benefits of their innovations and engage them more in research and development. It provides the artist not only the monetary benefit for their creation but also statutory recognition as well.

It is enormously beneficial to the national and state economies. As dozens of industries which forms the part of economy relies upon the fair enforcement of their patents, trademark and copyrights, while the consumers are ensured about of the safety of products they are purchasing by the use of IP. In a web based environment it has become crucial to provide such protection as doing replication of unique design or logo is now comparatively easier than before.

Importance of IPR

• Ideas when construed has very little or no value attached, it aspire attention when it has been put in to some action, and IP rights has great untapped potential to make idea into a commercially strong asset. The patents and copyright when registered and recognised, results in a very steady stream of royalty and extra revenue, which is beneficial to the business.

• IPR is imperative for making a unique identity for the business. It enables the differentiation of goods and services of one company from other company in market and promote and target customers through this.

• Competitiveness in the exporting market is also enhanced due to IPR, as an IP holder uses the brands and design for market purpose in foreign countries and can seek franchising agreement with the overseas companies and export their already patented goods.

• Intellectual property rights impacts the social, economic, technological, and political scenarios. Therefore with rapid technology and globalisation and fierce competitions, the innovations are needed to be protected from any kind of violation and the IPR provide such help.

• Whenever there is presentation of any unique idea or creation, people always tries to replicate such ideas and creation and tries to add that to their accomplishments, here IPR comes into picture, by providing the Sole rights and protection to the creator and have necessary action taken towards the person infringing such rights. IPR is applicable in all forms of business, it is up to the creation of person which decides, what area of IPR is to be used for providing protection:

1. Trademark

2. Copyright

3. Patent registration

4. Industrial design

5. Geographical indication

6. Licensing and franchising

• The discoveries in alternative energies and green technologies which are protected under IPR improve the energy security.

• The free facilitation of information by IP rights, by sharing the protected know how critical to the original, patented invention, leads to new innovations and improvements in the existing ones.

It is crucial to understand that it is the sole responsibility of the proprietor to protect his intellectual property from infringement by any person or party, as no one else will make an effort to inform that your IP rights are violated by someone.

Conclusion

IPR helps in concurring challenges in the process of development, and providing its contribution towards the sustainable development. But the very question before us in here is whether we have able to accomplish such objectives completely or not, is there any point where we as a community is asking behind for providing protection to such valuable innovations and creations. The rights guarantees the incentives for inventions, competition, recognition and financial support, therefore IPR must be given due credits, for creating such a system for the sustainable development of mankind.

A common man's life is very closely linked with articles and products which are protected by law under intellectual rights. The copying, imitation, adaptation, and un-authorised reproduction of these things, without the permission of the owner, may amount to a serious offence. Therefore, the knowledge about intellectual property right is must for a common man.[2]

References

• https://www.theglobalipcenter.com/why-is-ip-important/

• https://www.researchgate.net/publication/

[1] http://www.legalservicesindia.com/articles/impip.htm

[2]https://www.kashishipr.com/blog/why-intellectual-property-rights-are-important-in-current-era/

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