INTELLECTUAL PROPERTY RIGHTS (IPR)

Table of Contents

Introduction

Rights relating to the ownership of intellectual property are called Intellectual Property Rights. Intellectual Property Rights (IPRs) are the rights associated with intangible property owned by a person/company and protected against use without consent. The purpose of IPR is to reward human intellect by providing exclusive rights to the creators over their inventions, artistic, and musical works, etc.

Meaning of the intellectual property

Intellectual property rights (IPR) are the rights given to persons over the creations of their minds: inventions, literary and artistic works, and symbols, names, and images used in commerce. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.

These rights are outlined in Article 27 of the Universal Declaration of Human Rights, which provides for the right to benefit from the protection of moral and material interests resulting from the authorship of scientific, literary, or artistic productions

The “Convention Establishing the World Intellectual Property Organisation” states that “intellectual property” shall include the rights relating to: —

literary, artistic, and scientific works,
performances of performing artists, phonograms, and broadcasts,
inventions in all fields of human endeavor,
scientific discoveries,
industrial designs,
trademarks, service marks, commercial names, and designations,
protection against unfair competition, and
all other rights resulting from intellectual activity in the industrial, scientific, literary, or artistic fields.

Other categories of intellectual property include geographical indications, rights in respect of know-how or undisclosed information, and layout designs of integrated circuits

What is the need for IPR?

The progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture.

Encourages innovation: The legal protection of new creations encourages the commitment of additional resources for further innovation.
Economic growth: The promotion and protection of intellectual property spur economic growth, creates new jobs and industries, and enhance the quality and enjoyment of life.
Safeguard the rights of creators: IPR is required to safeguard creators and other producers of their intellectual commodity, goods, and services by granting them certain time-limited rights to control the use made of the manufactured goods.
It promotes innovation and creativity and ensures ease of doing business.
It facilitates the transfer of technology in the form of foreign direct investment, joint ventures, and licensing.

Advantages of Intellectual Property Rights

IPR protection gives your business a competitive advantage over other similar businesses.
IPR protection allows you to prevent unauthorized use of your intellectual property and works.
IPR enhances the value of your company and also opens avenues for collaborations and opportunities for generating income such as by entering into licensing agreements to exploit/work the invention/work.
IPR helps to attract clients and creates brand value. For example, the consumers start identifying your products with the unique logo or registered trademark.

Disadvantages of Intellectual Property Rights

You have to incur additional costs for getting IPR protection including legal costs and other fees.
Even after getting the intellectual property right, you might still face a lot of difficulties in curbing the copying and unauthorized use of your work. Moreover, sometimes an attempt to enforce IP rights could lead to a reduction in the consumer base.
IP rights aren’t absolute. There are certain limitations and conditions imposed by law on the exercise of these rights (such as a limited period of protection and compulsory licensing provisions) in the interests of the general public

Objectives

IPR Awareness: Outreach and Promotion – To create public awareness about the economic, social, and cultural benefits of IPRs among all sections of society.
Generation of IPRs – To stimulate the generation of IPRs.
Legal and Legislative Framework – To have strong and effective IPR laws, which balance the interests of rights owners with the larger public interest.
Administration and Management – To modernize and strengthen service-oriented IPR administration.
Commercialization of IPRs – Get value for IPRs through commercialization.
Enforcement and Adjudication – To strengthen the enforcement and adjudicatory mechanisms for combating IPR infringements.
Human Capital Development – To strengthen and expand human resources, institutions, and capacities for teaching, training, research, and skill building in IPRs.