Intellectual property rights . . . • The rights given to persons over creations of their minds • The product should be unique and have some value in the market.
• Like Real Property: – It can be bought, sold, licensed, exchanged, given away – The owner can prevent unauthorized use
Three Principle Types . . .– Patents– Copyrights– Trademarks– industrial design rights and trade secrets
• It includes,• patent rights• utility model rights• design rights• trademark rights• and copyrights
Patent . . .• The Patent Bill of 1790 enabled the government to patent• “Any useful art, manufacture, engine, machine, or device, or any instrument thereon not before known or used." – Not discoveries of nature – Exclusive right to make, use and sell an invention for a specific period—20 years
Patent Benefits . . .• Rewards time, money & effort associated with research• Encourages innovation and research by permitting companies to recover R&D costs• Encourages quick commercialization• Allow early exchange of information between research groups – Avoiding duplicate efforts
• Exclusive privilege to authors to reproduce, distribute, perform, or display their works. • Literary works, including computer programs • Musical works and lyrics • Dramatic words • choreographic works • Pictoral, graphic, and sculptural works • Motion pictures and audiovisual works • Sound recordings • Architectural works
• It is usually associated with civil law.• In the Copyright Act, there are provisions to treat all forms of infringement of copyright as offences.• The police also have powers to take action and is punishable with a minimum of six months’ imprisonment, which may extend to three years, and a fine of between Rs 50,000 and Rs 200,000.
Trademark . . .• Word or symbol used by manufacturers to identify goods.• It is a distinctive sign which is used to prevent confusion among products in the marketplace.
Legislation . . .• (WIPO) World Intellectual Property Organisation• (WTO) World Trade Organisation• (TRIPS) Trade-Related Aspects of Intellectual Property Rights
Legislations . . .• Each country or region has its own set of IPRs laws and regulations• In Jan 1, 1995 the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (“TRIPS Agreement”) entered into force• TRIPS Agreement rules do not directly apply in most national legal systems, but instead are implemented by legislation• TRIPS allows for compulsory licensing, price controls and a competition policy.