INTRODUCTION
With the Indian economy’s rapid globalization and India’s ever-evolving technology the term “intellectual property” has become a significant driver in today’s time. Intellectual property refers to creations that are the result of people’s mental hard work. This encompasses a wide range of works, including literary works, technical inventions, performances, and traditional activities, among others. Intellectual Property Rights are the legal rights that persons have over their creative works. These rights have been recognized and protected. The Indian government approved a national intellectual property policy in May 2016 to guarantee adherence to the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement. The Controller General of Patents, Designs, and Trademarks (CGPDTM), a subordinate office of the Indian government, is responsible for overseeing Indian patent, design, trademark, and geographic indications legislation.
DIFFERENT TYPES OF INTELLECTUAL PROPERTY
- COPYRIGHTS
The rights provided to creators of creative works are known as copyrights. Copyright laws protect works such as literary works (literature, poetry, and nonfiction) and creative works (paintings, music). Copyright rules also protect newspapers, as well as architectural designs. It also safeguards the rights that arise from such creative works. Related Rights are what they’re called. These are rights that have been acquired as a result of the copyrighted content’s availability. An artist’s right to their performances, a music producer’s right to the digital reproduction of their music, and so on are instances of related rights. Individuals and businesses can both acquire copyrights. Unlike other types of intellectual property, Copyright holders own their creations for the rest of their lives. Copyright continues to remain for 50-60 years after a person’s death, depending on the jurisdiction. The Indian Copyright Act 1957, as amended from time to time, and the Indian Copyright Rules, 1958 regulate and govern the copyright system in India.
- PATENTS
A patent is an exclusive right granted to someone whose talent or labor results in the invention of a new product or method. Only that individual has the authority to utilize it and benefit from it. Patents are rights given to an individual for the creation of a product or technique that provides a novel method of addressing a problem or performing a task. The primary criterion for granting a patent is the invention’s uniqueness. A person seeking a patent for his invention must demonstrate that his innovation is novel. It complements the technology that currently exists in his field of innovation. The Indian Patent Law was originally adopted in 1911, and the present Patents Act, 1970, began operation in 1972. Patents in India are valid for 20 years from the date of filing the patent application.
- TRADEMARK
Any name, color, logo, symbol, or sound that uniquely identifies the source of goods and services qualify as a trademark. It aids in the differentiation of one manufacturer’s products from those of another by indicating the items’ origin. A trademark is issued for a specific length of time. Unlike patents, however, a trademark can be renewed by the owner by paying renewal fees to the relevant agency. Trademarks can be used by individuals as well as businesses. The Trademarks Act, 1999 governs the grant of trademarks in India. As per the Trademark Act of 1999, the Indian Trademark Law protects trademarks and deals with the procedure of trademark registration. In India, filing a trademark application establishes ownership and protects a brand’s identity.
- INDUSTRIAL DESIGN
It is a type of IPR that protects the visual design of an object that isn’t being used only for its intended purpose. It entails the application of shape, configuration, pattern, ornamentation, or a composition of lines or colors to any object in two or three dimensions, or a combination of one or more aspects to any article. The outside look of an object, including ornamentation, lines, colors, form, texture, and materials, is protected by design. It can be made up of three-dimensional elements like colors, forms, and the shape of an object, as well as two-dimensional features like shapes and surface textures, or any mix of the two.
GEOGRAPHICAL INDICATIONS
A geographical indication (GI) is a name, sign, or symbol used on some items that correspond to a certain geographical place and indicates that a product of that origin has specified qualities, quality, and features. It serves three purposes. First, they identify the goods as coming from a particular region, or that region or locality; second, they suggest to consumers that the goods come from a region where a given quality, reputation, or other characteristics of the goods is essentially attributed to their geographic origin; and third, they promote the goods of regional producers. They imply to the customer that the items are from this place and that certain quality, reputation, or other features of the goods are mostly related to the geographical location. The Geographical Indications of Goods (Registration and Protection) Act, 1999, was passed in India and began operation on September 15, 2003.
WHY ONE SHOULD PROTECT INTELLECTUAL PROPERTY
Intellectual property protection is critical in light of the fact that it fosters competition and growth. Companies invest a lot of money developing new technologies in order to get an advantage over their competitors. This grant of protection serves as a financial incentive for businesses to invest time and money in developing innovative technologies. And it is the customer who benefits the most since he is able to obtain the most up-to-date technology at bargain rates. Individuals and large corporations will stop investing in and creating new technologies if such protection is not provided. Companies will wait for each other to create new technology before copying it without repercussions.
WHAT ARE THE BENEFITS
- Improved business value – IP may create revenue for your company by licensing, selling, or commercializing protected items or services. As a result, your stock market may improve or your profit may grow. IP assets that are registered and protected can improve the value of your company in the event of a sale, merger, or acquisition.
- Convert creative ideas into economically viable goods and services – IP can assist in the conversion of creative ideas into valuable assets. Licensing your patent or copyright, for example, may generate a regular stream of royalties and additional revenue, resulting in lucrative assets.
- Market the company’s products and services – Intellectual property (IP) is required to develop a brand image for your company, such as a trademark, logo, or product design. As a result, it will aid in distinguishing the product, as well as advertising and promoting it to buyers.
- Raise the business’s export prospects – IP might increase competition in export markets. One can utilize their trademarks and designs to promote foreign items and search for franchise partnerships with international firms or to export patented products. Consumers may be hesitant to purchase items or services if there is no worldwide trademark protection or enforcement apparatus in place to deter counterfeiting and piracy.
Conclusion
Intellectual Property (IP) plays a vital role in promoting innovation and creativity by providing individuals and businesses with the legal means to protect their creations. By safeguarding inventions, designs, trademarks, and artistic works, IP rights not only help in establishing ownership but also encourage further innovation. The protection of intellectual property ensures that creators receive recognition and financial benefits for their efforts, motivating them to continue contributing to technological and cultural advancements. Moreover, it fosters healthy competition and economic growth by encouraging businesses to develop unique products and services. As the Indian economy continues to grow and integrate into the global market, protecting intellectual property becomes more crucial than ever. Adhering to intellectual property laws allows businesses to thrive in a competitive environment, fosters consumer trust, and helps ensure that creative efforts are rewarded justly.