In today’s era, when globalization generates new possibilities and factors for growing market and new opportunities in the country, India is developing in such state where globalization impacts a lot. With this impact of globalization, nurtures country’s roots for industries, employment, equity and manufacturing fields. When we are talking about globalization development, Intellectual Property rights play an important role in its race of development. This article discusses about IPR development in India, its impact and care for IPR in order to achieve fruitful results for the industries and economic growth. This article emphasize on care for IPR to attain results which are for the benefit of the society.

Intellectual property is one which surrounds us in everything we do. It can be said that it is the daily need of ours. For example at school, at work, at place, at play and at rest, the fruits of human creativity and bundle of inventions surrounds us in our day to day life. In our early era, human's are the only creature on this earth who have brilliantly used there talent or intellect and later improve their standard of living. As say, IP in its literal sense means the ideas or things that originate from human mind. It was clearly understood that human mind is considered to be the most valuable asset when compared with anything such as movable or immovable property.

In today’s era, acquisition of land, building new infrastructures are not enough for countries growth. Creativity and innovation are the new drivers of the world economy. The policies adopted by a country shall determine the nations well being and further as to how it is developing the trapped intellectual capital. An useful intellectual property system is the foundation of such a strategy. Within knowledge-based, innovationdriven economies, the intellectual property system is a dynamic tool for wealth creation - providing an incentive for enterprises and individuals to create and innovate; a fertile setting for the development of, and trade in, intellectual assets; and a stable environment for domestic and foreign investment. Thus the progress and prosperity of a nation depends on the industrial, technological and pharmaceutical development and the people behind are the researchers and inventors. Legal protection of the inventions has to be sought in accordance with the intellectual property rights (IPR) regime.

Moving further, to facilitate IPR in the world, development of World Trade Organization (WTO) has further enhanced a major transformation for global trade in the millennium. The second most important achievement done in the development of IPR is the agreement of Trade Related Intellectual Property Rights - better known as TRIP›s- to which India is a signatory it is an integral part of WTO which have an enormous impact on Indian business and trade partnerships. In order to facilitate IPR in the country India, has also done many fruitful steps such as India has complied its obligations by amending the existing legislation with respect to IPRs. It is a welcome sign to note that, in India, though late, awareness about the intellectual property rights is on the increase.

WHAT IS IPR?

Though many experts have given their own definitions and ideas but literally IPR refers to creations of the mind, inventions, literary and artistic works, symbols, names, images, and designs used in commerce. IPR is divided into two categories: Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of source; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs, in short the digital or non-digital forms of information.

WHAT IS THE IMPORTANCE OF INTELLECTUAL PROPERTY?

Intellectual property protection is the key factor for economic growth and advancement in the high technology sector. There are good for business, benefit the public at large and act as catalysts for technical progress. For India one among the developing countries have miles to go, as we have a vulnerable collection of traditional, oral, folklore, customary, agricultural, traditional medication like Ayurveda etc. and besides not having much wealth and infrastructure, lack of awareness of IPRs among all strata’s of people, is a major setback to a developing country like India. Today the aggressive and targeted patenting is the need of the hour.

WHY TO CARE FOR IPR?

IPR are such assets which benefit none other than the owner of the IP and add value to all industrial as well as business concerns such as Small manufacturing Enterprises (SME) and laboratory discoveries. IPR provide fruitful incentives for private sector investment into their development. If any companies have their own research and development (R&D) center, which is currently need of the hour, which are actually protected in the IPR prospects. When the Globalization and the rapid proliferation of technology are accelerating country’s growth the importance of intellectual property protection is a necessary part for the industries and SMEs. The intangible mode of IP and the universal practice of IP create challenges for those businesses which have not yet understood the value of IPR in their regime. Such businesses either shut down or change the mode of their business. Such industries should understand the value of IPR and should proliferate the growth of IPR in their businesses. This can be done only by the three most common vehicles for protecting intellectual property i.e. patents, trademarks, and copyrights.

Today the pharmaceutical and the Biotechnological Industry prepare a strong and effective intellectual property system in the country. Strong intellectual property protection is essential to the success and in some instances to the survival, of the Pharma companies in this country. For these industries, the IP system serves to encourage development of new medicines and diagnostics for treatment and monitoring intractable diseases, and agricultural products to meet global needs. However, due consideration must be given while giving holistic interpretation to TRIPS agreement to ensure the public health rather than protecting the interest of these companies.

In consideration, companies who care for trademark have earned consumer recognition for their brand names. A recognized brand name or trade mark represents the goodwill that has been built into the product or service. On the other hand, consumers that tend to correlate the recognized brand name or trade mark with certain characteristics that are specific to that name or mark. Therefore, they should manage, protect and safeguard the investment in the related intellectual property rights. Not only this, they should be vigilant if anyone else is misusing or causing infringement of this Intellectual property.

FEW STEPS TO BE TAKEN FOR ACCELERATING IPR IN THE LOCAL REGIME

  •  IPR Awareness

It is considered to be the important tool for fruitful growth of the Intellectual property rights (IPRs). As it is clear from the article the owners of ideas, inventions, and creative expression should make others aware about IPR. Today when India has entered the global patent regime, awareness and expertise on the subject of IPR in India is still highly inadequate. Present skills do not extend towards protecting indigenous inventions or understanding the implications of patents granted to competitors. Further, the ability to read or write patents is grossly lacking when viewed in the context of global practices. Many Indian industry and businessmen still cannot afford to be known to these new requirements. India’s knowledge-based industries will be looking at filing patents and their skills in filing, reading and exploring patents will be very crucial in the years to come.

  • Need for a Local Attorney

For processing IPR in the desired jurisdiction need of an attorney is the major step after having invention. For industrial as well as business concerns viz. entrepreneurs, SME , laboratory discoveries, technology innovators or researchers; innovation is a key but complex issue involving several interrelated activities. Firstly, there is the gathering of information necessary for creating protection of existing or newly created intellectual property assets. The final step is the exploitation of the intellectual property assets, starting with the decision-making process and strategies for identifying commercial opportunities for research and technical development results. For all this assistance starting from filing to grant need of a skill full attorney is a must for good IPR. After that the procedure of marketing patented ideas, negotiating contracts, agreements on confidentiality, secrecy and licensing begins. For all above processes the need of finance is the major issues where most of the innovators are lacking behind. Today many supporting firms, local agencies and government centers are there who are helping an inventor, SMEs and companies in achieving every areas of IPR from filling till grant of the invention. Such companies are CSIR, GIAN, and ICAR.

  • Need of Skillful IP experts and Law firms:

Lawyers and Law firms are most useful in assisting various IPR management, protection and infringement of patents in India and abroad. Any attorney may register trademarks or copyrights, or initiate or defend any kind of IP litigation. Yet, because many attorneys are unfamiliar with IP fundamentals, small business owners should seek advice of specialists.

CONCLUSION

India is a country where IPR is still in the developing stage. More new reforms are to be needed for the betterment of the innovation culture in the country. Companies who are holding IPR in one or the other form should understand the value of this asset and should do needful steps in care for their owned IPR in one or the other way because protection of IPR has definite (tangible) benefits, such as to propagate innovative culture, profitability, market leadership and helps creation of wealth for the individual and the nation.