Intellectual Property Rights are the specific rights given to the creator of some unique object like designs, logo, technology, music, scientific research, or any other new idea. The purpose is to protect the right of the protector and ensure that no one can claim their invention as their own or misuse them.
In this technological world, new inventions are essential. Creativity requires a generous amount of effort, time, money, and energy. So, to encourage people, they are given IPR to earn a return on investment and financial gains.
Types of IPR
Patents
The Government grants the patent rights for the invention of certain products like machines, articles, the composition of matters, or different processes.
The Government generally offers the patent right for up to 20 years. After completing 20 years, others can create, sell, make or use the product.
Another prominent feature of the patent right is that it has the territorial right, which means the patent is applicable only in the region where the creator has applied for. For example, if someone has applied for India, then Indians only are not eligible to use it, whereas people from other countries can use, sell, or import it.
Trademark
Trademarks are the particular signs or symbols that distinguish the unique product of the business it offers to the customers. It shows that it has an outstanding source of origin.
The trademarks are generally permitted for ten years, and the business can renew them after completing the period.
Types of trademarks
- Trademarks – It is for the products produced by the specific business
- Service marks – It is for the products made by a particular industry.
- Collective Marks are for the products made by a specific association of people.
- Certification Marks – Issued by the certified authority.
Copyright
Copyright is dedicated to a particular work area like music, drama, literature, blog post, software programs, movies, and sound recordings.
The copyright term is 60 years after the author’s death in case of the dramatic, musical, and artistic work and 60 years after the publication of films and sound recordings.
Work included in the copyright
- Maps, globes, diagrams, and charts
- Books, magazines, manual catalogs, and tables
- Photographic work
- Computer software
- Musical work
- Drawing and painting sculptures
- Television shows and pictures
Trade Secrets
Trade secrets are the information businesses want to keep confidential from the public and the competitors. It may include the new business process, customer information, business model, new product business going to launch, etc.
The following factors contribute to the trade secrets
- What measures does the business take to protect the information?
- The extent to which the data needs protection?
- What value does it offer to the competitors?
- How much effort and money does the company spend on developing the information?
Geographical Indication
The geographical indication refers to the particular product grown in a region or locality in the country. It is applicable for agricultural goods, manufactured items, and natural goods.
Examples are basmati rice and Darjeeling tea. The duration of the geographical indication is ten years.
Industrial Design
Industrial Design refers to the unique color, pattern, configuration, or color of a specific object. The duration is ten years.
Requirements for the Industrial Design
- It must be unique and possess visual appeal.
- It should not have been published before.
- It must have distinguishable features and does not contain obscene matter.
- It should not have any trademarks.
Importance of IPR
It is the driving factor for the economic growth
Intellectual Property intensive companies are growing at a fast rate across the world. According to the research, it accounts for more GDP than any other industry.
It has seen tremendous growth in its export prospects.
It protects consumers.
The customer can distinguish among the different products. It helps the customers in making reliable and effective choices between the products.
It ensures that the product provides the customer’s value and is generated from the authentic source of origin.
It encourages innovation
Innovation is vital for the overall development of the country. It contributes to economic and cultural growth.
By providing the IPR, the country can encourage innovations and inventions by the people and, at the same time, ensure them a better return on investment.
The IPR help in meeting the global challenges
The concept of IPR has made a revolution in many industries. For example, the agricultural products and the many food industries are manufacturing unique food and serving people worldwide.
One such example is Burger King. It has become the largest food chain while serving a variety of food items to people. At the same time, all the recipes have the IPR so that no other food restaurant can copy their recipes.