INTELLECTUAL PROPERTY is the Property, which has been created by exercise of Intellectual Faculty. It is the result of persons Intellectual Activities. Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce. In the globally competitive environment, intellectual property has placed itself on a pedestal in the context of economic growth and has become more important than ever. Intellectual Property is the fuel that powers the engine of prosperity, fostering invention and innovation. Being an intangible asset, Intellectual Property plays a very important role in the socio-economic ecosystem and their creation and protection is essential for the sustained growth of a nation. Increasing significance of intangible assets in the global economy is forcing business organizations to actively manage the role of IP as a key driver for building and sustaining their competitive advantage and achieving superior performance. INTELLECTUAL PROPERTY RIGHTS (IPRs) are exclusive rights over such intellectual property granted to creators / holders which protect their rights from misappropriation by third parties without their authorization. Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially. These rights are statutory rights governed in accordance with the provisions of corresponding legislations. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind. They are now not only being used as a tool to protect creativity and generate revenue but also to build strategic alliances for socio-economic and technological growth. Accordingly, in order to foster the protection of innovations and creativity, the Intellectual Property Office under the Ministry of Commerce and Industry is dedicated to mobilize the use of such technological advancement for the economic development of the country. Intellectual Property Laws in India are TRIPS compliant and coupled with a strong enforcement mechanism and a vibrant judicial system, they create the best investment opportunities and a conducive environment for protecting IP Rights in order to enable the industrial community to diversify its commercial activities. India has also developed a national framework for creation and protection of IPRs, which is continuously evolving and meets global standards. Recognizing the importance of intellectual property, the Hon’ble President of India declared the decade of 2011-2020 as the Decade of Innovation. The future prosperity of India in the new knowledge economy would increasingly depend on its ability to generate new ideas, processes and solutions, and the process of innovation would convert knowledge into social good and economic wealth
The Main Intellectual Property Rights Are
A Trademark (also known as brand name) is a visual symbol which may be a word signature, name, device, label, numerals or combination of colours used by one which distinguishes it from other similar goods or services originating from a different undertaking.
Copyright is a right given by the law to creators of literary, dramatic, musical & artistic works and producers of cinematograph films & sound recordings including rights of reproduction, communication to the public, adaptation and translation of the work.
A Patent is a statutory right for an invention granted for a limited period of time to the patentee by the Government, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process for producing that product for those purposes without his consent.
‘Design’ means only the features of shape, configuration, pattern or ornament or composition of lines or colour or combination thereof applied to any article, by any industrial process, which in the finished article appeal to and are judged solely by the eye
Geographical Indication (GI)
It is an indication which originates from a definite geographical territory and is used to identify agricultural, natural or manufactured goods which are produced or processed or prepared in that territory and should have a special quality or reputation or other characteristics
The agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS) is a treaty administered by the World Trade Organization (WTO), which sets down minimum standards for forms of Intellectual Property (IP) regulation. It was negotiated at the end of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) treaty in 1994.
As India is a member of the WTO, the country is bound to comply with the requirements of the TRIPS agreement including the timetable set by it to introduce the new legislations with respect to IPR. The “Least Developed Countries” were given an effective date of January 1, 2006 to effect all the requirements of TRIPS including the provisions for granting of product patents as per the article 27(1) of TRIPS.
India is not defined as a LDC as per the United Nations classification in which forty-eight countries are considered as least-developed countries some of them being members of WTO. India therefore opted to be classified as a developing country and accordingly the TRIPS compliance timetable for the introduction of product patent regime in India on or before January 1, 2005.
The World Intellectual Property Organization (WIPO) is a specialized agency of the United Nations. It is dedicated to developing a balanced and accessible international Intellectual Property (IP) system, which rewards creativity, stimulates innovation and contributes to economic development while safeguarding the public interest.
The WIPO Convention established WIPO in 1967 with a mandate from its Member States to promote the protection of IP throughout the world through cooperation among states and in collaboration with other international organizations. Its headquarters are in Geneva, Switzerland.