The completion of the agreement on trade-related aspects of intellectual property rights within the World Trade Organization at the end of the 20th century set an international benchmark for countries around the world when it comes to protecting and enforcing intellectual property rights. Though beneficial overall, this system does come with some costs attached—including higher prices for goods and services due to more stringent patent protection abroad.

A variety of intellectual property protections exist around the world. They can take many forms, such as copyright, patents, trademarks, and designs. Students often don’t know what these protection types mean for them or how they can use them when starting a new business.

This study lesson provides an in-depth understanding to the students about the various forms of intellectual property rights (IPRs), their relevance and business impact in a changing global business environment. In addition to this information, we’ll provide guidance on how to research international instruments concerning IPRs before starting your own company.

Intellectual property is a creation that originates from someone’s thoughts. It may also be called buddhist wealth in the Indian context. Buddhist refers to intellect and wealth refers to property when they are put together, it becomes intellectual wealth.

The person who owns Intellectual property is given a set of rights related to the product created via their own creativity. These individual rights are called Intellectual Property Rights.

Intellectual Property is a term referring to and indicating several different types of creations for which the law confers certain rights on its creator. The ongoing movement towards Legalism has shaped how we now understand what property means–and what sorts of possessions may be considered property. This includes tangible items like houses, cars, furniture, currency, investments; but also intangible ones including intellectual property like one’s unique thoughts and expressions. What does this mean? It means there are many different types of property you can own–from intellectual property to tangible personal belongings–that will all carry legal implications if someone else infringes upon them without permission from the rightful owner or person authorised by the rightful company.

Trademark

A trademark provides protection from infringement to the registered owner of the trademark, which ensures that they have exclusive rights to use it or authorize someone else to do so in exchange for a fee. The duration of this protection varies depending on what type of registration you apply for, but trademarks can be renewed after their period has expired if you continue paying renewal fees. In a broader sense, trademarks reward trademark holders with recognition and financial profit. They also hinder the efforts of unfair competitors–such as counterfeiters–from using similar distinctive signs to market. inferior or different products or services. This system enables people with skill and enterprise to produce and market goods and services under fair conditions, which facilitates international trade.

The registration process in India is based on a first to file system. As such, it’s essential that the rights holder files for registration as early as possible. Registration usually takes up to 1-3 years, depending on whether or not there are objections from a third party. The Controller General of Patents, Designs and Trade Marks’ Office is the appropriate place to apply for registration of a trade mark in India; this office has five branches located in Mumbai, Delhi, Chennai, Ahmedabad and Kolkata.

Patent

Patent is the branch of intellectual property law that protects novel devices and products. One type of patent protects inventions involving a physical product, such as circuit boards, car engines, heating coils, or zippers. But in recent years there has been an increased number of patents to protect other types of intangible creations—from coding algorithms to business practices to genetically modified organisms. An invention relating to a product or process can be patented in India when it has an inventive step and is able to be commercialized. In India, one can file for a patent on their own behalf or with the help of an assignee who will then control the patent.

Copyright

Copyright is the legal right given to people who create literary, dramatic, musical, or artistic work or produce film and sound recordings. It protects not just what they say but how they say it—or what they write or paint or play or take a picture of. A person can’t copyright an idea (though he can ask for a patent). The idea of copyright protection only emerged with the invention of printing, which made it possible for literary works to be replicated mechanically instead of by hand. This led to the granting of privileges, by authorities and kings, enabling beneficiaries’ exclusive rights to reproduce and distribute this limited-edition work for a designated time-frame—along with potential remedies if violated.

Copyright ensures certain minimum safeguards of the rights of authors over their creations, thereby protecting and rewarding creativity done by author. Creativity being the keystone of progress, no civilized society can afford to ignore the basic requirement of encouraging it. Economic and social development for a society is heavily dependent on creativity – because without it, there would be nothing new produced at all. Copyrights provide protection for the efforts of writers, artists, designers, dramatists, musicians, architects and producers of sound recordings, cinematograph films and computer software; providing an atmosphere that encourages creativity to creativity – what ultimately encourages these people to produce more while motivating others who might want to follow suit.