Intellectual Property

Intellectual property is the work created by the intellect human brains. It is considered as property as it is capable of sale, license, mortgage etc. Intellectual property plays a major role in globalization and development of global economy. It refers to the intangible asset or property created human mind in form of invention. It is mainly divided into two types:

  1. INDUSTRIAL PROPERTY: Patent, Trademark, Trade secret, Design, Geographical Indication.
  2. NON-INDUSTRIAL PROPERTY: Copyright

Intellectual Property law protects the intellectual property rights of its owner. Thus, Intellectual property rights like any other rights give the creator or inventor a security and a way of earning for its work or inventor.

Intellectual property has its root back in 15th Century in Italy over its artistic work. Though the first Intellectual property law came into existence in Vietnam in the year 1474. In India, Intellectual law started with India Patent Act, 1856. Over the period, Intellectual property has been an important criteria to sustain in the world of globalization.

As per WIPO,

“intellectual property shall include rights relating to:

1) literary, artistic and scientific works:

2) performances of performing artists, phonograms and broadcasts;

3) inventions in all fields of human behavior;

4) scientific discoveries;

5) industrial designs;

6) trademarks, service marks, and commercial names and designations;

7) protection against unfair competition and all other rights resulting from intellectual activity in industrial scientific, literary or artistic fields”.

SCOPE OF INTELLECTUAL PROPERTY RIGHTS

  1. As per, TRIPS Agreement, intellectual property covers the area:(i) Copyright and related rights (i.e. the rights of performers, producers of sound recordings and broadcasting organizations);(ii) Trade marks including service marks;

    (iii) Geographical indications including appellations of origin;

    (iv) Industrial designs;

    (v) Patents including protection of new varieties of plants;

    (vi) The lay-out designs (topographies) of integrated circuits;

    (vii) The undisclosed information including trade secrets and test data.

FEATURES

  1. EXCLUSIVE RIGHT: the owner of the Intellectual Property has an exclusive or monopoly right over its creation or invention. No third party can use such property without prior permission from the owner.
  2. TERRITORIAL: intellectual property gets its reorganization and provides exclusive rights to the owner in the country or countries it has its registration.
  3. ASSIGNABLE: like any other immovable property it has the right to get hired, mortgaged, sale, purchase etc.
  4. INTANGIBLE: Intellectual Property must be intangible in nature i.e. it cannot be touched.

In today’s world, every country has its own intellectual property laws to secure the invention and improve its economy.  There have been multiple organizations, treaty and convention in the international level starting Patent Corporation Treaty, Madrid Protocol, WIPO, TRIPS agreement and European Patent Office. Intellectual Property is evolving every day. It has been linked with every field starting from Traditional knowledge, geographical indication to biotechnology and plant varieties.