Importance of Intellectual Property Rights

Introduction

Intellectual Property Rights essentially protects various creative ideas and innovations from being stolen from that of the owner, without permission.

It has, over time, gained massive importance in fields of trade, both international and indigenous. The importance of such a niche field has been constantly evolving and is different in every part of the world. Every country subsisting and depending on International Trade for the growth of its economy has constantly been taking imperative measures to bring about the protection of their intellectual property rights.

The unique feature of Intellectual Property is that it is an Intangible asset and such assets are always available to the public and can therefore, be easily copied and imitated. Hence, Intellectual Property Rights aim at enhancing the intrinsic value of all kinds of products and unique creations.

Intellectual Property Rights: A mode of development

Having a well-balanced system for granting and exploitation of Intellectual Property Rights always helps induce economic growth as there is a definite encouragement of trade and investments, but if the laws relating to intellectual property is framed and designed effectively, it can help the hidden cultures to thrive, educate the population of indigenous products and drive technological innovations as well.

Intellectual property as a standalone factor does not itself help or hinder development, it is how the laws and rights are framed and used in countries that can determine whether it is effective to bring about any sort of development.

Types of Intellectual Property Rights

Intellectual Property Rights are divided into 5 types namely-

1. Copyrights:
   • It is, similar to all fields of intellectual property, concerned with the protection of human intellect. It renders protection to literary and artistic works. The ambit of literary and artistic works include- writings, music, fine arts, paintings and sculptures, computer programs and databases.
   • Copyrights seek to protect the work in itself that is, there should be an expression of a thought or an idea. Just a mere idea is not protected with a Copyright.
2. Trademarks: The importance of Trademarks has increased manifold as it seeks to differentiate and identify between two goods or services that are similar. It may be considered as a mechanism used by the manufacturers to attract the consumers.
3. Geographical Indications: This is considered to be a sign that is used on products that belong to a specific geographical origin and possess certain qualities, reputation or characteristics that occurs due to their specific origin. This might include both agricultural and industrial products. For eg- Darjeeling for Tea, Thai Silk
4. Industrial Design: This concept relates to the appearance of any article, which arises as a result of features such as the lines or colors of the article or their ornamentation. For eg: Designs used in jewelry and watches and so forth.
5. Patents: A Patent is a kind of a document that protects an invention, and tries to grant the owner the exclusive rights to use his/her invention for a limited period provided that invention meets certain conditions.

Advantages of securing Intellectual Property Rights

1. Securing rights for the Intellectual Properties ensures that the efforts put into bringing an innovation to the world can ultimately bring profits to the creator. Therefore, it allows the creator to get a steady royalty and make his idea into a commercially successful one.
2. Intellectual Property is extremely important to create an identity for business; it helps to differentiate between the goods and services of a company with that of the others.
3. Intellectual Property Rights thereby helps in increasing the sales of the products and hence acts as a mode to increase the competitiveness in the export market.
4. There is always a competition to replicate unique products for monetary gains. By illegalizing such acts, the rights of the other person can be prevented from getting infringed.
5. When small businesses seek the protection of their unique products and services, they can prevent competitors from taking away their market share, thereby ensuring steady growth in business and sales.

Conclusion

Intellectual Property Rights become an indispensable part of all countries and there should be strict implementation of such laws to ensure fair trade and competition. All nations must try and realize the rights of their indigenous companies and individuals.