Importance of Intellectual Property law.pptx

An Introduction on the Importance of Intellectual Property law in India. Suitable for an introductory to the Topic.

1. Importance of intellectual property rights

2. Importance of IPR In 2022 , intellectual property rights are more important than ever in this global, highly-connected digital landscape. With all of the good the rise of the internet has done for the sharing of information and ideas, it has unfortunately become easier for ideas and works to be stolen, which can be damaging to both national economies and innovation.

3. With the rise of intangible assets that are shared across the internet, it is easy for people to unlawfully copy and share books, music, movies, and more. Copyrights, patents, trademarks, and trade secrets and the laws around these protections are all intended to encourage innovation and creativity and are essential to the practice of IP law to help curb illegal activities.

4. Types of IPR Copyright:-Copyright protection covers original works, including artistic works such as music, films, writings, and architecture. Copyright law has been part of the constitution since 1790, and the Copyright Act gives authors ownership of their creative work, including reproductions, distribution, performance, display, duplication, and more.

5. Patent:-Patents protect discoveries and inventions and can include new drugs by pharmaceutical companies, software programs or machines from small tech start-ups, and much more. Patents offer protection for a shorter period of time than copyright protections. Patent holders maintain a monopoly on their invention during the appointed time period. This protection encourages innovation, recognizing that significant time, money, and commitment go into new inventions and discoveries.

6. Trademarks protect branding, logos, and phrases that identify an organization or the source of a product. Trademarks can include a company name, tagline, or a symbol that shows or indicates where a product is from. The goal with trademarks is to protect consumers from being misled.

7. Benefits of IPR To protect the unique ideas and creation:- When any person has a unique idea or creation, there will always be people who will try to replicate that idea or creation for monetary gains. Hence, it is crucial to secure the IP assets before they are illegally infringed by any third party. IP protection can be taken for all kind and size of business. So, after analyzing the business need and circumstances, a person can decide which Intellectual Property Protection (trademark, copyright, or patent Registration for Covering different areas of intellectual properties

8. ACCELERATES THE BUSINESS GROWTH It is very crucial for small size business to shield their unique products or services, which can be used by the competitors for taking away the market share, resulting in steady growth and sales. Losing a market share in the initial stage in a business can be hazardous to its business health in the long-term.
It is imperative to note that it is the sole responsibility of the proprietor to protect his intellectual property from infringement by any person or party, as no one else will make an effort to inform that your IP rights are violated by someone.

9. TURN THE INNOVATIVE IDEAS INTO PROFIts :- Ideas on their own have little value or no value. IP has great untapped potential to turn your ideas into commercially successful goods and services. Registering your patients and copyright can result in a steady stream of royalty and extra revenue, which can improve the overall business bottom line.

10. Ip creates and supports High paying jobs Jobs in IP sector industries are expected to grow faster in the upcoming next decade than ever before. India moved up to 66 th place from 81 st in 2015 in the Global Innovation Index (GII). GII also reports that India has all the ingredients needed to become a global driver of innovation including strong market potential, an excellent talent pool, and an underlying culture of frugal innovation.

11. Strong IP protects consumers and families Strong IP helps the consumers to make the best choice about the reliability, safety and effectiveness of their product purchases. Enforced IP rights ensure the products authenticity and high quality that consumers expect from the producers. Ease of mind and confidence that consumers demand and markets rely on, can be promoted with the help of IP rights

12. Art & culture Moviemaking involves big teams, enormous budgets and undeterred effort. If someone decides to remake a movie in another language, borrowing ideas from the original with impunity, the actual creators could stand to lose revenues. Their hard work will also not gain its due returns. Similarly, if an author copies parts of his piece from another writer, the latter could lose income. This kind of ‘lifting’ or ‘stealing’ discourages people from revealing their creations. Copyright comes in handy in such situations. When artistes and creators are sure that their original work is protected through copyright, they can reap financial rewards. This protection encourages them to work better.

13. IMPROVE THE EXPORT OPPORTUNITIES FOR THE BUSINESS Intellectual Property also increases the competitiveness of a business in the export market. An IP right holder can use these brands or designs for marketing the goods and services in foreign countries and can seek franchising agreement with the overseas firm, or export the patented goods.

14. Intellectual Property Rights Encourage Innovation and Reward Entrepreneurs Risk and occasional failure are the lifeblood of the innovation economy. IP rights incentivize entrepreneurs to keep pushing for new advances in the face of adversity.
IP rights facilitate the free flow of information by sharing the protected know-how critical to the original, patented invention. In turn, this process leads to new innovations and improvements on existing ones.

15. Conclusion IP is increasingly global and vital and hence all individuals and businesses should register their IP’s which will help them in earning additional income and can also save others from stealing their ideas and innovation The government needs to formulate proper IP laws for the individuals as well as for the companies, which should neither be too strict nor too lenient. The overall structure also needs to be improved by the government for forging a long-term social and economic development of a country