Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Intellectual property law enables individuals to claim exclusive rights and financial gain from what they invent or create, which is a benefit to both creators and the public. With its foundation in human ingenuity, it should be no surprise that for the intellectual property professional, work days cannot be characterized as dull or boring. To state that another way, intellectual property law is unendingly interesting, especially when genius mixes with mortal unpredictability.
Intellectual Property Law (IP) is an exponentially growing field. We are witnessing a paradigm shift from corporations and companies hunting down tangible properties such as land and machinery towards acquiring intellectual assets. India is becoming a hub of startups and R&D centres, which are nothing but intellectual creations. Intellectual Property law is all about protecting and exercising benefits from your intellectual creations. People protect what they create. It is a basic human tendency for which they need another set of people.
The forms of Intellectual Property allow you and your products to be distinguished individually from others. They are a seal of authority in the respect to the quality, product, services and expectations put forth by the buyer or the user. IP is a wealth creating machine which gives you legitimate ownership with image of a trustworthy organization .Every business house rely on intellectual property rights, spending millions of dollars to secure their intellectual properties.
With IPR you have the legal right to file a suit against anyone who uses your idea or logo etc without your permission, you can franchise or give copyright of your work to someone and get royalties over it .
IPRS is an important intangible asset in any company.It gives competitive edge in the market and protects from hackers and pirates. India is fast growing economy and innovation is becoming priority for Indian firms and the government ,this innovation needs protection and for this IP is necessary.
As India emerged as an economic power in the 1990s, our policy makers recognized the importance of IP to encourage private investment in R & D. A guide published by WIPO (DG overview, 2003) and many other studies in the past has suggested that a healthy IP system is a key element in encouraging foreign direct investment (FDI). According to the WIPO report there has been a steady increase in FDI in India, ever since the patent and Trademark reform was introduced in 1990s. In the wake of India’s economic growth, it may be worthwhile be aware of the profound importance of IP, the role of professionals within this field and why IP is bound to have an important impact on our economy. The IP protection, mainly patents is the driving force for further innovation, technology enhancement and development of newer products that would impact mankind.
IP as a Career
A career in Intellectual Property is a secure and never ending career. An Intellectual Property professional can define their own destiny by continuing onto advanced studies and becoming a specialist in one of the many Intellectual Property areas.
Some basic career options available to an aspiring patent professional are:
- Patent Research and Analytics
- Patent Drafting and Filing
- Patent Prosecution
- Patent Maintenance and Portfolio Management
- Patent Licensing and Technology Transfer
- Patent Strategy
- Patent Valuation
- Patent Development and Co-ordination
- Patent Litigation and Alternative Dispute Resolution