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Intellectual Property is the creation of human mind and the rights accrued as a result of protection of Intellectual Property are Intellectual Property Rights. These are granted by Government of a country, thus, are territorial. Each right comes with a duty, in case of IP, you get a right to prevent others from copying, making, using or selling when you disclose the IP.
Advantages of IPR are as follows:
- IPRs can be a new source of revenue stream for the company if it is properly harnessed. Commercialising the company’s and university’ IP portfolio through licensing will gain the organization a steady income stream and further protect its financial security.
- Companies must develop IP strategies and take active measures to protect their IP portfolio, particularly when expanding into different markets. IP protects company’s brand name, designs and products. Any unauthorised use of IP by a third party could mean a loss of business, revenue, goodwill and reputation. This can lead to brand deterioration, a drop in product value and even unnecessary litigation. Conversely, if IP protection is in place, no unauthorised third party can make use of the brand name or pass off their product as yours. Your market is established. You can then develop strategies to use IP to protect your market share.
- A good IP portfolio can help win investors. Venture capitalists view a strong IP portfolio in a company as proof of its intellectual capital base and ability to protect its market position.
- Companies can use IP to exchange and obtain new information and ideas by building on their intellectual rather than physical assets to accelerate growth and sharpen their competitive edge.
- IP is also becoming increasingly important when a company is deciding to commit to any investment, merger, or acquisition. As investors contemplate potential investments, evaluating IP assets of the target company has become a greater priority in the due diligence process
As for India, the legislations that govern and regulate different forms of intellectual property include:
- The Patents Act 1970 as amended by The Patents (Amendment) Act 2005;
- The Trade Mark Act 1999;
- The Copyright Act, 1957;
- The Design Act 2000;
- The Geographical Indications Act of Goods (Regulation and Protection) Act, 1999;
- The Semiconductor Integrated Circuits Layout Design Act, 2000;
- The Protection of Plant Varieties and Farmers Rights Act, 2001.
These Acts should be read and implemented in conjunction with the rules framed by the government in relation to each of them.
In addition to the above forms, there is another form of IP, viz. Trade Secret and know-how, which is treated as precious IP, but is in fact governed by the common law, as there are no specific acts on this form of intellectual property.