INTELLECTUAL PROPERTY

Introduction

 The work created by using the intellect of human brains is known as Intellectual property. It is considered property as it is capable of sale, license, mortgage etc. Intellectual property plays a major role in globalization and the development of the global economy. It refers to the intangible asset or property created by human mind in the 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 safeguards the privileges of those who owns intellectual creations. Thus, Intellectual property rights like any other rights give the creator or inventor security and a way of earning for their work or inventor. 

Intellectual property has its roots back in the 15th Century in Italy over its artistic work. The first Intellectual property law came into existence in the Republic Venice in the year 1474.  The most notable example is the "Venetian Patent Statute" of 1474, which is considered the first comprehensive law regulating patents and granting exclusive rights to inventors. In India, Intellectual law started with the India Patent Act, of 1856. Over the period, Intellectual property has been an important criterion to sustain in the world of globalization.(need to check) 

As per WIPO, 

“Intellectual property shall include rights relating to:

1) literary, artistic and scientific works:

2) performances of performing artists, sound recording and radio or television broadcasts;

3) Creations related to various aspects of human conduct; 

4) scientific discoveries;

5) industrial designs;

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

7) protection against unfair competition and all other rights arising from intellectual efforts in industrial, scientific, literary or artistic domains”.

Scope Of Intellectual Property Rights

As per, the TRIPS Agreement, intellectual property covers the areas: 

 (i) Copyright and related rights (i.e. the rights of performers, writer, producers of sound recordings and broadcasting organizations); 

 (ii) Trademarks including service marks; 

 (iii) Geographical indications that signify the origin of a product; 

 (iv) Industrial designs; 

 (v) Patents covering  new varieties plant varieties; 

 (vi) design layouts (topographies) of integrated circuits; 

 (vii) Confidential information, including trade secrets and experimental data.

Features

1. EXCLUSIVE RIGHT: The owner of the Intellectual Property has an exclusive or monopoly right over its creation or invention. It restricts the use of such property by any third 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, sold, purchased etc.

4. INTANGIBLE: Intellectual Property must be intangible i.e. it cannot be touched.

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