Business Study

Intellectual Property Rights – Meaning, Definition, Objective and Type

Intellectual property Rights
Written by webpunit

Intellectual Property Rights – Intellectual property is any music, literary work, art, discovery, symbol, name, picture, design, copyright, trademark, patent, etc. created by a person or entity. Just as one is the owner of physical wealth, one can also be the owner of intellectual property. Intellectual property rights are provided for this. You can control the use of your intellectual property and use it to create material wealth (wealth). In this way, due to the right of intellectual property, it is protected and people are excited and willing to explore and innovate. Under intellectual property law, the owner of intellectual property thus has certain exclusive rights to intangible property, such as music, musical literature, artistic work, discovery and invention, words, phrases, symbols, and any design. There is less purchase.

The possession and utilization of various kinds of properties are essential for the development of trade, industry, and commerce (business). Right from the beginning of civilization itself the concept of the origin of property rights can be traced. The Indian Constitution protects the right to property of an individual.

Salient Features of Intellectual Property Rights

Intellectual properties: are characterized by their own typical and distinctive attributes. These attributes of intellectual properties! help in distinguishing them from the other kinds of properties. There are different features of IPR which are discussed below:

1) Territorial:

All other rights of the national level do not have one feature which is exclusively available with intellectual property rights. Cross-border disputes are less likely to occur in case of immovable properties whereas it is quite usual in case of intellectual properties. For example, a movie produced in Hollywood can be watched by audiences in other countries as well; here the market is not restricted to only one country.

2) Giving an Exclusive Right to the Owner:

Nobody else other than the owner has the authority to use the right, i.e., every person other than the owner is restricted from using the right. It is impossible to bring the intellectual property rights into practice at the moment the owner gets them. The majority of these rights have to be checked and analyzed on the grounds of several public laws. Regardless of any prohibition from anybody, the author or creator of an intellectual property enjoys his rights associated with his work.

3) Assignable:

Intellectual property rights can undoubtedly be assigned or licensed to others by its owner. It is indeed possible to differentiate the material object in which the restricted work is included from the overall intellectual property rights. The intellectual property rights can be transferred to others in many ways, i.e., by buying and selling, hiring, leasing, or licensing.

4) Independence:

Almost all the IPRs are associated with some of the other objects. Sometimes, even more, than one IPR is associated with one object.

5) Subject to Public Policy:

Intellectual property rights are very open to be included in public policy. These rights strive to maintain and locate sufficient conciliation between two contradictory interests. First is the demand of IPR holders for sufficient remuneration and second are the consumers who do not want to face any difficulty while buying the products.

6) Divisible (Fragmentation):

Many people may have several legitimately safeguarded interests developed from only one actual work without having an impact on the interests of other IPR holders on that similar item. Intellectual property is indivisible in nature which makes it an endless resource. For example, a scientist who has registered his invention in India is not only eligible to use that patent in India all by himself but he can also license it in Canada and assign it to Italy. Moreover, various rights together constitute copyright and these rights can be further categorized into different publishers, translators, persons, providers, etc.

Objectives of IPR

The objective behind this is to give the inventor an incentive in the first place so that when the idea is put to the life he can benefit from the effort put into that subject. It also prevents free riding, because those who free-ride benefits from other people’s investment and by that disrupt the goals of the IPR system.

What lies behind this is the aim of galvanizing fair trade and the contribution to social and economic growth.

At first glance, it would seem as though if such protection were not granted for new products the results would be that the economic and personal incitements for creation would vanish. The risk of free-riding would reduce incentives to innovate and would contravene with the development of new products, which would result in a society that suffers from stagnation.

Types of IPRs

The expression “intellectual property rights” is used to refer to several independent intellectual property rights discussed below. All these rights collectively safeguard various facets of innovative ideas or inventions. These different forms of IPRs are explained as follows:

1) Patents:

An exclusive and absolute right granted to the owner or inventor of an invention to create, utilize, produce, and market the invention. Such rights are awarded by the country, presuming that the invention, fulfills all the conditions specified in the law. These types of rights are called patents. These rights are said to be ‘exclusive’ because no other person can create, utilize, produce, or market the invention in the absence of proper approval of the patent holder.

This exclusive right is available for a limited time period. The right of granting a patent is territorial in nature, i.e., one needs to apply for a patent in countries of their interest separately by submitting prescribed fees, completing formalities and documentation, etc. For example, a new electronic circuit, a drug molecule, a new surgical instrument, a new vaccine, or an innovative chemical process are all patentable inventions assuming that all the conditions of the law are fulfilled.

2) Copyrights:

A right available for developing an original work related to the fields of literature, art, music, or drama is termed as copyright. Copyrights protect the cinematographic films such as videos and sound-tracks and their recordings on discs, tapes, perforated rolls, and other such devices. Not only the different literatures but also the computer programs and software come under the purview of literary work, which obtains protection in India under The Copyright Act.

3) Industrial Design:

According to The Designs Act of India, the term ‘design’ is defined as “the features of shape, configuration, pattern, ornament or composition of lines or colors applied to any article.

4) Trademarks:

Certain products or services are recognized as those manufactured or provided by a specific individual or business enterprise by means of an exclusive sign, that sign is termed as ‘trademark‘. A trademark can simply be a word, a number, an alphabet, or a combination of them. Not only these, but a 1 trademark may also include symbols, piece of drawing, certain colors, or unique shape and packaging of the product. An association of members makes use of collective marks which are held by them to help other people recognize them with a certain level of quality.

The owner of a trademark is authorized to use it to differentiate his products or services from others or to permit other people to utilize it in exchange for some fees or compensation. A trademark that becomes popular within a considerable segment of the population is called a renowned trademark in the context of the products or services the trademark owner deals in. It is also believed that the population which considers it to be a renowned trademark is the user of its offering.

5) Trade Secrets:

Trade secrets or Knowhow is another important form of intellectual property generated by R&D institutions that do not have the benefit of the patent or copyright protection. Such know-how is kept undisclosed as trade secrets.

6) Geographical Indications:

Geographical indications are those indications which spot a good or product as pioneered in the land of a member or a specific region or location in that territory, where a specific quality or other attributes of the product is resultant of its geographical origin. Possibly, in almost all developing nations including India, the concept of identifying and protecting Geographical Indications (GI) is newly discovered and has been known or popularised in these countries after they signed or validated the TRIPS Agreement.

7) Integrated Circuit Layout Design (IC):

Semiconductor IC layout designs are secured under this category. IC layout designs can now be protected in India also as India has now established the Semiconductor Integrated Circuits Layout Design Act, 2000. A layout of transistors and other circuitry elements along with lead wires connecting all such elements and indicated by any means in a semiconductor IC together constitute a layout design. Semiconductor IC is a product that is made up of transistors and other circuitry elements that are synchronically formed on an insulating or semiconductor material or internally in the semiconductor material. This product is devised to execute an electronic circuitry function. The registration of a layout-design shall be for a period of ten years from the date of filing the registration. Registration of an IC layout design is not possible in the following cases:

i) If the design of IC layout is not original

ii) If the same design is used for commercial purposes anywhere else in India or in a convention country,

iii) If the design is inherently not unique or

iv) If the design is inherently not capable of distinguishing from other registered designs of IC layout.

8) Protection of Undisclosed Information:

Any information or data which is legitimately within the control of a legal or natural person is known as the protected subject matter. Such information is secret. has commercial value because it is a secret, and it has been bound legally by the person to keep it a secret. By the word ‘secret’ it is meant that the information either incomplete, or precise, or in parts should not be available to, known to, or easily accessible to the persons dealing with similar subject matters. Popularly known as a trade secret or confidential information, undisclosed information comprises programs, technique, formula, process, pattern, device, method, compilation, etc. Even though IPR is possibly the most significant form of protection for R&D institutions, industries, and other agencies, matters related to the protection of undisclosed information is the least talked about and known topic to people involved in activities related to IPR.

People are, very much familiar with the protection of trade secrets or undisclosed information. During, every single phase of development, people have emerged with techniques to keep crucial information secret, normally by confining the knowledge only to their friends and family. There are various laws relating to IPR being executed in India. These laws are at different stages of application; however, there is an absence of any such law which is exclusive and distinct for securing undisclosed information/confidential information or trade secret.

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