IT'S YOUR BRAIN CHILD - PROTECT IT!TOPICS ON IPR THAT CAN HELP FOR AN INFORMED DECISION
INTELLECTUAL PROPERTY RIGHTS
Intellectual property is the intangible property that holds great importance and value for its owner. It is the only type of legislation that aims at protecting the executed idea of a person, thereby promoting innovation and creativity.
To protect a property, one must possess a legal right over the same. While right over an intellectual property is granted to the owner by virtue of its inception and development, lack of legal protection, technicalities like applications and registrations might lead to lack of protection granted for such IP.
Several debates later, it is now established that even though the creator of an IP has the inherent right in an invention, mark or work - an authority was required to ensure institution of such rights!
Considering how valuable every form of IPR is, a separate right was created for every form of intellectual property! While Trademarks are for depicting the origin of a trader’s products, Patent protection is granted to an inventor and copyright protects a creative brain’s original work!
IPR is that branch of law that helps in protecting the brainchild of a creator.
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Intellectual property is an essential and pivotal asset! The rightful ownership of IP rights in any form including patents, copyright or trademark extensively enhances competitiveness and recognition of a company in the market. As for an individual, developing and owning an IPR increases the value of their creative intellectual work!
Why it is essential to file IP applications early?
Filing IP applications can prove to be a challenge for many since it involves an array of intricate & complex issues, the added cost. Appropriate legal advice and help eases the complexities for the person applying!
It is important to safeguard your invention,mark or creation from infringement by any other entity. This makes it necessary to file IP applications at the earliest.
What are the necessary points to keep in mind with respect to IP applications?
Owners of intellectual Properties must seek protection of their novel ideas and innovations in accordance to respective IPR laws of the country.
If a Company or person is into creation of new products, inventions and designs, then they must seek protection of each new idea/product/innovation/design. It is recommended to protect each work, invention mark individually!
It is recommended for a Company to periodically assess IPR protection in consideration to change in pertaining IPR laws, procedures and requirements. It is essential to get updated in order to avoid any legal issues in the future.
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Intellectual property is now considered as the epitome of innovation. Earlier however, businesses were unaware of their own rights and intellectual property being an intangible asset, wasn’t considered significant.
Before IPR awareness spread, people were not aware of the need to protect an inventor and his creation was left open for anyone to duplicate and misuse.
For decades, businesses struggled to maintain their integrity and position in the market. Lack of IPR awareness only added to their misery and the efforts of innovators and develops were being harnessed by cheap imitators.
With globalisation came competition. Businesses made an effort to protect their goodwill and trade secrets. In India, the need of IPR was highlighted in the ‘Bayer Corporation case’ regarding the infringement of patents and peaked with the ‘Novartis and Generic Drugs Case’. Business entities were forced to re-think about the paramount importance of IPR to protect, promote and develop their business.
Recent trends and market developments have led to an increase in the IPR regime in India. With issues like brand infringement, piracy and technological superiority, businesses have become more cautious about their Intellectual Property. There is an urgent need for newer laws with contemporary IPR requirements.
The need for copyright in literary and musical work, protection of filmmakers from piracy, patent protection for inventors and trademark protection has garnered the much needed publicity in the recent years. The potential of intellectual property to protect the idea and innovation of creators and artists has finally been realised.
There are still some people who see IPR in the light of monopoly and as a curb to socialism. IPR however, has come forward as an iron clad protection for innovation and has led to more development in medicine, electronics, mechanics, technology, agriculture, etc. IPR is now considered as a method to give recognition and protection to the rightful owner or creator of a product or service.
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When someone has a bankable idea for business, he must protect it at any cost.
A business’ identity and its product’s ability to stand-out in the market depends upon how the business protect it from duplicates. This protection comes from IPR or Intellectual Property Rights. Intellectual property is the intangible asset of any business that upholds creativity and innovation of a business.
In today’s competitive and innovative era, it is important to protect the integrity of a business and protect it against any imitators. Businesses ignore the need of intellectual property and struggle to salvage their legal conundrums later. Intellectual property is important in the following ways-
IPR, in form of Trademark, Patents or Copyright promotes innovation by providing the creator a safeguard for taking risks and create a right against anyone from using or copying it by giving due acknowledgement to the innovator.
Intellectual property creates a reputation of the business as it inherits the rightful ownership of the product or service. A business with innovations and new products in its name garners trust from the customers. Intellectual property also safeguards the goodwill of the business by creating a liability against anyone who tries to misuse it unlawfully.
Intellectual property establishes the source of a product or service. A customer is able to identify the authentic product from the rest available in the market and rely on the quality that he expects from a business. The process, word, logo, shape, design, etc. of the product is protected as intellectual property of a business and the customer is able to trace the product back to the business.
Intellectual property plays an centric role in everyone’s day-to-day life. It is everywhere, from the soft drink available in market to the new song from a famous artist. Therefore, intellectual property is important to protect the brand and its product or service from any unauthorised use or adaption.