Intellectual Property

The term intellectual relates to power of understanding. It is the physical expression of ideas. Expressing ideas through one’s own creation. Now what is intellectual property? Intellectual Property associates with intellectual activity that is created by mind. All great expressions and products have an origin. It is the inventions and the work which is performed through literary and artistic skills and on the other side symbols, names, images, which are used in commercial world.

In the broader sense we can say that Intellectual property comprised of the legal rights which result from the industrial, scientific, literary and artistic fields. It includes industrial property and copyrights. Intellectual property is a right which you have on your own creations. You have the right to own and protect the creations of your mind. Others need to take your permission before using it.

Intellectual property is broadly divided into two Categories: first is Industrial property which includes patents, trademarks, industrial designs, and geographic indications of source and the second one is Copyright (literary and artistic works) such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs.

Due to the emergence of information and communication technologies, namely the Internet, defining the boundaries of intellectual property has become more challenging but before analyzing importance of intellectual property and need to protect intellectual Property rights it’s essential to know about its various types:

A copyright is a form in intellectual property that protects the original authors of both published and unpublished creations. It is an exclusive right to control the publication, distribution and adaptation of creative works. The right of copyrights remains with the owner for a specified period of time.

Trademark of a business or any company include any words, phrases, symbols, logos which is generally used to identify a particular product, Trademarks are used for identification purposes and to establish a separate entity of business as well as to distinguish its products from others. Trademarks are needed to be registered. Once registered, trademarks are protected legally and the owners can sue persons who use their trademarks.

Patents are property. Patent rights may be sold and licensed. Patents are rights related to new inventions. When a person invents any new machine, process, article of manufacture etc.the right of patents is conferred upon him. The person who receives a patent for his invention has an exclusive right to control others from making, using, selling, or distributing the patented invention without permission.

Any confidential business information which provides an enterprise a competitive edge may be considered a trade secret. Trade secrets encompass manufacturing or industrial secrets and commercial secrets of an enterprise. The owner of a trade secret does not possess any right over anyone who gains access to that secret independently, but he can prevent the use of trade secret by anyone who has learned it through the owner.

Intellectual property has a large impact on Domestic as well as International trade. The intellectual property rights are essentially recognized and accepted all over the world due to some important reasons like it is essential to provide a separate recognition as well as appreciation to the creators and inventors. For ensuring the availability of original products of a particular brand or company.

It has become equally important to save our rights of intellectual property as we protect our other physical property rights. In the present era with the growth in technological advancement and easier access to aviability of technology IP (intellectual property) crimes are increasing throughout the world. Counterfeiting and piracy has emerged as clear and serious threats to business, consumers and Government. Intellectual property protection is the key factor for economic growth and advancement in the high technology sector. They are good for business, benefit the public at large and act as catalysts for technical progress.