Frequently Asked Questions:

What is Intellectual Property?

Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.

What is Intellectual Property Rights?

Intellectual Property Rights (IPRs) are a set of exclusive rights protected by law which are granted to creators over their creations for a certain time period. An IP Right holder can realize value from its intellectual property through utilizing it internally for its own processes or share it externally through provision of goods and services to customers. The latter can be achieved through legal mechanisms such as licensing or assignment. The objective of IPR is to incentivize creativity and to strike a balance between personal interest of the IP owner and the interest of general public that gets benefited by the intellectual assets of the creator.

Why is it important to protect an intellectual property?

Intellectual property protection is significant for fostering innovation and creativity. Without protection of creative works, the creators of the intellectual properties would not reap the full benefits of their hard work and there would exist least or no extrinsic motivation to focus on research and development. The legal protection enables the creator of the intellectual property to earn recognition and reap financial benefit of his efforts and abilities

What is the need of Intellectual Property (IP) / Intellectual Property Right (IPR) awareness ?

A strong IPR regime is a critical precondition for enhancing and stimulating economic growth in the country. It facilitates greater investment into the research and development as well as provides means to improve the quality of life of people of the country. IPR not only protects the innovation and creativity of owners of IP who provide goods and services, but it also directly or indirectly concerns itself with the interests of the consumers of those goods and services. Hence, existence of such rights is necessary for overall development of society.

Since a right that’s not exercised remains merely a ‘paper right’, knowing that rights exists and also knowing how to exercise them becomes essential. It becomes more pertinent for each of us to know about IPRs because of the fact that we live in a world wherein we are surrounded by IP every moment, right from the alarm clock that we use to wake up to the wrist watch that we use to keep a track of the time; right from the clothes that we wear to the washing machine that we use to wash them; right from the remote that we use to unlock our car, vehicle that we drive to the music that we listen to while driving; right from the Smartphone that we use to make telephone calls, different Apps that we use for different purposes to the internet that we browse on it; from a pen that a doctor uses to prescribe medicines, a Post-it that we stick on our desks to remind ourselves to have that medicine to the medicine that we consume to overcome illness, everything involves Intellectual Property.

If we look at it from the standpoint of economics, the unsustainable current account deficit is amongst the most critical problems hindering India’s growth prospects. It is a matter of concern that even the non-oil, non-gold imports have raised sharply. Macroeconomic stability in the longer run can be achieved only through a balanced trade account on the strength of competitiveness of Indian goods and services in the export markets. A large current account imbalance only testifies lack of domestically owned IP assets. Tomorrow’s world belongs to those who create, nurture and own intellectual property. These assets form a superior basis for sustaining competitive advantage in the long run.