Intellectual Property Rights are recognized all over the globe due to various important factors. Some of the best factors are mentioned below:-
- IPR provides incentive to the individual for new creations.
- Provides recognition to the creators or the inventors of a thing they produce.
- IPR helps to ensure the material reward for the intellectual property.
- IPR helps to guarantee the availability of original product.
- It helps in economic growth and advancement in technology sector protection of intellectual property as protection is very important in the modern era.
From the above mentioned points we can evidently say that IPR is the future of India. As globalization and advancement of technology has played a crucial role in intellectual property protection for micro, small big, medium sized enterprises.
Tangible nature of intellectual property creates various hurdles for those business to protect their inventions brands and business in foreign markets. Hence intellectual property protection is necessary for the success of companies, organizations, etc.
Importance of Intellectual Property Rights
If we look at the Importance of Intellectual Property rights we will get to know how essential it is for the future of India. With the help of Intellectual Rights we will ensure the availability of original products plus it will provide recognition to the creators and inventors as well as promotes the economic growth and advancement in technology sector by giving protection of Intellectual Property. Besides this it will also ensure the material reward for the Intellectual Property.
On the other side there are controversies regarding the protection of IPR. As everyone is not in the favor of it as some people claim that no innovation is done in isolation. They are the result of combine human efforts which are immortal in nature. Hence, any innovation, rather than individual assets is social asset. It is also argued that most new patents are the result of serendipity. And there is no co-relation between efforts outcomes and rewards.
Value of IPR in Modern Era
Notwithstanding with above negative points, it should be realized that over the past few years IPR protection have encouraged tremendous investments and efforts in areas of applied science. We have overcome numerous challenges in various fields of medicine, communication, agriculture, transport, etc.
Hence we can correctly say this now when one person invest a lot of time, energy, money and other resources of cultivation of his knowledge to work towards a specific goal then he has a legitimate right to the fruits of his labor. Any creation of someone’s mind should be used under his authorization. This apart from moral also makes social economic sense. Therefore, we can say IPR is a future of India. It is only by way of IPR which provides a secure environment for investors, scientist, artists, designers, traders etc., to foster innovation and scientific temper. This innovation often has a potential to yield returns and rewards to creators and users. Obviously, original investors shall have right to such profits however it is imperative that society at large should also be benefited by such outcomes. Thus, IPR regime aims to strike a balance between Public and Private Rights.
How can we drive Wealth out of IP?
Value from an IP assets is derived through direct exploitation like sale and licensing of the IP Or even by not exploiting and IP asset, for e.g. by minimizing the negotiation power of customers, of Spring supplier power, raising barriers to entry by competitors, offsetting supplier power, reducing the threat of substitutes, etc.
Factor that influences IP valuation?
- Standard of value
- Purpose of Valuation
- Valuations Methods
- Nature and Strength of IP Assets
How to determine the value of your Intellectual Property?
Evaluation of the IP can be a challenging process however they are two effective ways of valuation of the intellectual property:
Market Based: This is one of the most commonly used approach, this approach is based on the comparison with the actual price paid for a similar asset under comparable circumstances. The calculation would be accurate if there exist appropriate information on the nature and extent of the rights transferred, circumstances of transaction
Income Method: It values the IP on the basis of amount of financial income that IP is expected to generate.
Government’s Role in IPR
In an effort to accelerate the rate of economy development and increase the level of wealth and short-term, some governments have, for example, conveniently not the other way when products or technologies are copied are used without permission. Many of these government argued that some degree of protection from the need to pay for the use of ideas or technologies developed elsewhere is required if they are successfully to promote the maturation of so-called England industries, where as other contended that their countries cannot afford to pay monopoly prices charged for the technology protected by IPRs.
Now, I can conclude that IPR is a need of Future India. In this modern world the government has also taken an initiative to encourage inventions and help inventors by providing Intellectual Property Rights so that they can continue innovating thereby contributing to the development and economic growth. Science and Technology specially is a field in which investors get great backing from the government. Investors stand to benefit from knowing the importance of intellectual property rights in science and technology.
Author: Shubham Sharma,
Delhi Metropolitan Education, I.P. University, 2nd Yr.