Intellectual Property Rights

Abstract

Intellectual property is the creation of the human mind. It is intangible as it lacks the physical component and it cannot be touched. Although it is intangible, it can be bought, sold, or rented. It may be the idea or invention, which might be the outcome of many years of hard work. Other tangible properties like pieces of land and vehicles are given protection by their registration and, thus, when stolen, can be recovered. However, if the intellectual property without any protection is leaked or disclosed, the inventor is at lost as he/she cannot claim that it was his/her original creation. The rights given for the creations of the minds (such as any inventions, artistic works, literary works, designs, names, images, and symbols) are intellectual property rights (IPR). The rights are given to the creator for exclusive use of his creation for a defined period. The various forms of law or modes in which these rights are exercised are patent, copyright, trademark, and trade secret. These let people get financial benefit from their creation, and thus it leads to the use of more innovative ideas by exercising their creativity and innovation.

In India, the intellectual property rights are well established at statutory, judicial, and administrative levels. The agreement establishing the World Trade Organization has been ratified by India, which has an Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) (came into force on 1 January 1995). TRIPS’s standard agreements ensure protection and enforcement of intellectual property rights in all the member countries for promoting international trade. Thus, in TRIPS agreement, the member countries have obligations related to provision of the minimum standard of protection in their legal systems and practices.