Intellectual Property Rights - An Overview!!

INTELLECTUAL PROPERTY RIGHTS (IPR)-AN OVERVIEW!

-CA. HARSH RAMNIWAS RATHI

-AHMEDABAD.

1. INTRODUCTION:

The Oxford Dictionary & Thesaurus defines the following terms as:

“intellectual”- of, requiring or using intellect, having highly developed intellect

“property” - thing(s) owned

“rights” - fair claim, legal or moral entitlement

Hence, we can understand that Intellectual Property Rights (IPR) define(s) variety of legal rights in protecting products of intellectual efforts of creativity in the fields of applied art, knowledge and fine arts. IPRs mainly comprise of trademarks, patents, copyrights, service marks, designs and confidential information such as trade secrets, know how etc. and the right to protection from passing off.

IPRs are of great importance for modern industry and commerce and, in many cases, they have a very important effect on the economy and on the very existence of a business entity. These comprise the right to control the use of technology and creative material, including rights in artistic, musical and literary work, and the right to prevent others from misusing certain marks, symbols and drawings and in distinguishing one from the other.

IPRs provide means by which an owner or an innovator can protect his innovation etc. from being imitated and safeguard the fruits of his valuable labour and investment. Basically, an IPR gives a remedy to its owner against those persons who want to reap the fruits of his ideas or work. The value of intellectual property cannot be defined in monetary terms; it is an intangible asset of any corporate entity.

IPRs can stimulate trade, investment, innovation and technology transfer for development. IPRs provide a vital incentive for investment in expensive biotechnological research. They give companies the safeguards necessary to encourage them to commercialize their products.

2. WHY PROTECT IPR(S)??

In today’s highly competitive business world, brands play a very crucial role and protection of IPRs is vitally important for pharmaceuticals, biotechnology and other such industries that require risky investments in innovation and discovery. Whenever a new product, service or idea is created, there is every possibility that someone else might imitate it. Whether or not it could be imitated, depends on the fact that whether IPR exists. There is little point in holding IPR unless they can be enforced against people who infringe or intend to infringe the same.

The projection of a product being based in its category now requires not just product, positioning but also the positioning of the company manufacturing it. Corporate Identity has, therefore, become very important. People buy products or services for what they mean more than what they can do. Similarly, ideas and innovations are required to be protected in order to avoid exploitation.

IPRs also enable one to keep ahead of competitors and in order to be used effectively, it is absolutely essential to understand the complex and legal principles of IPRs and apply them in practice.

3. LAWS, RULES & REGULATIONS, CONVENTIONS AND TREATIES ON INTELLECTUAL PROPERTY RIGHTS:

1. The Copyrights Act, 1957 and The Copyrights Rules, 1958.
2. The Trade Marks Act, 1999 and The Trade Marks Rules, 2002.
3. The Geographical Indications of Goods (Registration and Protection) Act, 1999 and The Geographical Indication of Goods (Registration and Protection) Rules, 2002.
4. The Designs Act, 2000 and The Designs Rules, 2001.
5. The Semiconductors Integrated Circuits Layout Design Act, 2000 and The Semiconductors Integrated Circuits Layout Design Rules, 2001.
6. The Biological Diversity Act, 2002 and The Biological Diversity Rules, 2004.
7. The Patents Act, 1970 and The Patents Rules, 2003.
8. The Protection of Plants Varieties and Farmers Rights Act, 2001 and The Protection of Plants Varieties and Farmers Rights Rules, 2003.