Meaning Of Intellectual Property Rights
Intellectual property is the creation of the minds of an individual which has commercial and moral value. Intellectual property rights (IPR) grant exclusive rights to an author for utilizing and benefiting from their creation. However, IPR is limited in terms of duration, scope, and geographical extent.
IPR encourages creativity and permits the creator to benefit from the advantage arising out of their creation. These laws allow investors a fair return on their investments in the research and development fields.
On understanding the meaning of IPRs, we’ll see the categories for the same.
Categories Of Intellectual Property Rights
Intellectual property rights are divided into two broad categories:
Trademarks, inventions, geographical indications, industrial design fall under the industrial property.
Music, films, architectural design, literary works (poems, plays and novels) and artistic works (sculptures, photographs, paintings and drawings) come under the category of copyright.
Now that we know the concept of IPRs, let’s look at the types of IPR.
Types Of Intellectual Property Rights
IPR is a form of protection provided to inventors to help them reap benefits from their creative efforts. Owners holding IPR can prevent the use of their intellectual property. They hold the right to either license, sell or retain their property.
Following are the types of IPRs:
A patent is issued to protect an invention. It gives the holder the right to prevent anyone from making, using, or selling the patented invention for a fixed time period (usually 20 years from the filing date).
A copyright protects artistic and literary work. The holder has complete rights and control over the adaptation or reproduction of the work. Copyrights last for up to 70 years after the innovator’s death.
Trademarks are distinctive phrases, words, symbols, or signs. They distinguish the services or products of one company from the others. Brands usually associate with distinctive trademarks.
A design protects the outward appearance or the visual style of an object. It does not protect unseen design elements of the product.
Database right is similar to copyright. It prevents the copying of significant sections of a database. The database right protects the information itself and not the form of information.
A trade secret is a practice, design, formula, process, or compilation of information. A company utilizes this information to gain a competitive advantage over the others. Trade secrets are not disclosed to the world. An example of intellectual property rights is the trade secrets obtained by Coca-Cola for its formula.
After knowing the types of IPRs, we will now see the objectives for the same.
Objectives Of Intellectual Property Rights
The primary purpose of intellectual property rights is to stimulate creativity by providing an exclusive right to creative inventions and works. These protection rights inspire artists, authors, or inventors to share their work for the benefit of society.
Inventors did not have enough incentive to reveal their intellectual property. IPRs were therefore formed to reassure the creator’s full social and monetary value of their work. According to IPR, ownership of intellectual property is treated as ownership of real property.
IPRs not only benefit the individual but also the overall economy. Let us know how.
Financial Impact Of Intellectual Property Rights
IPR gives an incentive to entities and individuals to invest in the development of new ideas as they are reassured of a fair return on their investment. Investment into such research and development and later implementation and production supports the economy. This, in turn, leads to employment opportunities for the economy.
Intellectual Property Rights are rights that protect intellectual property, thereby stimulating the creativity of the skilled. The inventions benefit society and lead to growth in the economy. Also, intellectual property right is a type of intangible asset.