Intellectual Property Rights Meaning and Objectives

Intellectual Property Rights Meaning and Objectives: Intellectual property rights are the rights granted to individuals over their mental works. For a certain amount of time, they generally provide the inventor exclusive rights to exploit his or her invention.

Traditionally, intellectual property rights are separated into two categories:

Intellectual Property Rights Meaning and Objectives

• Copyright and copyright-related rights

Copyright protects the rights of creators of literary and creative works (such as books and other publications, musical compositions, paintings, sculpture, computer programmes, and films) for at least 50 years after their death.

The rights of performers (e.g. actors, singers, and musicians), creators of phonograms (sound recordings), and broadcasting companies are also protected by copyright and associated (often referred to as “neighbouring”) rights. The primary societal goal of copyright and associated rights protection is to stimulate and reward innovative labour.

• Industrial real estate

Industrial real estate may be classified into two categories:

One area may be defined as the protection of distinguishing indicators, such as trademarks (which differentiate one company’s products or services from those of another) and geographical indications (which identify a good as originating in a place where a given characteristic of the good is essentially attributable to its geographical origin).

The goal of trademark protection is to encourage and promote fair competition, as well as to safeguard customers by allowing them to make educated decisions about diverse products and services. If the symbol in issue remains unique, the protection may extend eternally.

Other sorts of industrial property are protected largely to encourage technological innovation, design, and development. Patented innovations, industrial designs, and trade secrets all come within this category.

The societal goal is to safeguard the outcomes of investments in new technology development, hence providing an incentive and means to fund research and development operations.

A well-functioning intellectual property policy should also make it easier to transfer technology via FDI, joint ventures, and licencing.

The protection is generally granted for a certain period of time (typically 20 years in the case of patents).

While the basic social objectives of intellectual property protection are outlined above, it is important to note that the exclusive rights granted are generally subject to a number of limitations and exceptions, which are designed to fine-tune the balance that must be struck between the legitimate interests of right holders and users.

Intellectual Property Rights (IPR) Goals

1. To raise public understanding about the advantages of intellectual property among people from all walks of life.
2. By adopting appropriate steps, to encourage the production and expansion of intellectual property.
3. To have robust and effective laws governing intellectual property rights that are compliant with international responsibilities.
4. IP management should be modernised and strengthened.
5. To encourage the commercialization of intellectual property rights.
6. To improve the enforcement and adjudicatory systems for addressing IP infringement, as well as to raise knowledge and respect for intellectual property rights.
7. Strengthening and developing human resources, institutions for training, research, and skill development in IP are all examples of capacity development.

Furthermore, the government hasn’t been half-hearted in its efforts to improve our IP laws. It has not only created a policy, but also plans to implement certain well-thought-out methods to attain the policy’s goals.

It establishes a system for technological transfer and licencing for Standard Essential Patents (SEPs), trade secrets, and the prevention of unlawful film copying.

Take a look at the steps the government intends to take to bring this concept to fruition so that everyone benefits.

• All IP laws will be administered and implemented by the Department of Industrial Promotion and Policy (DIPP). Previously, the Ministry of Human Resource Development and the Ministry of Communications and Technology were in charge of them.
• Conducting an IP audit in order to identify sector-specific changes.
• Increasing the efficiency of the administration process through improving the information and communications technology infrastructure at various levels.
• Increasing the amount of money available for R&D.
• To raise awareness about the advantages of India’s new IPR policy, the government has launched a statewide advertising campaign called “Creative India, Innovative India.” A “Cell for IPR Promotion and Management” under the direction of DIPP might be established to promote, create, and commercialise IP assets.
• The Traditional Knowledge Digital Library’s scope is being expanded to include public research institutes and private actors.
• Improving the enforcement system for improved IPR protection.
• Providing tax advantages and financial assistance for items based on Intellectual Property Rights created from publicly financed research to encourage research and development. Those IPRs would have to be handled as if they were mortgageable.
• Increasing IPR competence in business, academia, and the legal profession. The Policy aims to enhance awareness of IP challenges by providing intellectual property rights curriculum.

This is a good development in the government’s progressive approach to improving the Intellectual Property regime’s effectiveness. Given that intellectual property is one of the most valuable assets of startups, a stronger IP culture in India would be nothing short of a boon to them.

However, since the policy does not advocate any changes to the current legislation and merely anticipates the need for future changes, its total impact must be determined.