Intellectual Property Rights (IPR)

Over the past few decades, intellectual property rights have grown into a major factor in the development of the global economy. Intellectual property is all around us — in the music we listen to, the technology that makes a phone work, the design of a car and the logo on a pair of sneakers.

Intellectual property (IP) refers to the creations of the human mind — inventions, literary and artistic works, symbols, names, images and designs used in business. It is broadly divided into two categories: industrial property (inventions or patents, trademarks, industrial designs and geographical indications) and copyright (literary and artistic works such as novels, poems, plays, films, musical works, drawings, paintings, photographs, sculptures and architectural designs). The most noticeable feature of intellectual property is that it is intangible — it cannot be defined by physical parameters. Every invention or creation begins with an idea; once the idea becomes an actual product (that is, intellectual property), the creator can apply to the authority concerned for protection, and the legal rights so conferred are called Intellectual Property Rights (IPR). Like other property, IP can be rented, given away or sold.

Why is IPR important?

• It encourages the creation of new, path-breaking inventions, such as cancer-cure medicines.
• It incentivises inventors, authors and creators for their work.
• It allows a work to be distributed and communicated to the public only with the creator's permission, helping to prevent loss of income.
• It helps authors, creators, developers and owners get recognition for their work.

With the establishment of the World Trade Organisation (WTO), the importance of IP protection was crystallised in the Trade-Related Intellectual Property Systems (TRIPS) agreement. As a signatory, India passed several laws to protect intellectual property, including the Trade Marks Act 1999, the Geographical Indications of Goods (Registration and Protection) Act 1999, the Designs Act 2000, the Protection of Plant Varieties and Farmers' Rights Act 2001, the Patents Act (as amended) and the Copyright (Amendment) Act 2012. The main types of intellectual property right are compared below.