KNC501/KNC601 Constitution of India, Law and Engineering
Chapter 14: Intellectual Property Laws
Intellectual property law deals with the rules for securing and enforcing legal rights to inventions, designs, and artist works. Just as the law protects ownership of personal property and real estate so too does it protect the exclusive control of intangible assets. The purpose of these laws is to give an incentive for people to develop creative works that benefit society, by ensuring they can profit from their works without fear of misappropriation by others.
Broadly speaking, Intellectual Property law is the legal protection of creative property ownership. A lawyer working in the field of IP may also encounter cases of duplication, or infringement, or agree the usage rights of an upcoming product or service.
Why is IPR Important?
Intellectual property protection is critical to fostering innovation.
Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development. Similarly, artists would not be fully compensated for their creations and cultural vitality would suffer as a result.
The purpose of intellectual property rights is to encourage new creations, including technology, artwork, and inventions, that might increase economic growth. Intellectual property rights increase the incentives for individuals to continue to produce things that further create job opportunities and new technologies, while enabling our world to improve and evolve even faster.
According to The U.S. Chamber of Commerce’s Global Innovation Policy Center:
• Intellectual Property Creates and Supports High-Paying Jobs
IP-intensive industries employ over 45 million Americans and hundreds of millions of other people worldwide. The average worker in an IP-industry also earns about 46% more than his or her counterpart in a non-IP industry.
• Intellectual Property Drives Economic Growth and Competitiveness
America’s IP is worth approximately US$6.6 trillion, which is more than the nominal GDP of any other country in the world. IP-intensive industries account for over 1/3– or 38.2%– of total U.S. GDP. 52% of all U.S. merchandise exports are related to IP, and this amounts to nearly US$842 billion.