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Importance Of Intellectual Property Rights

742 Words3 Pages

Abstract
The IPR protects your innovations and ideas related rights and from infringement by others and restricts its uses, making and selling without your permissions. This paper aims to explore the significance of intellectual property rights and to know the procedure to obtain patents in India. For that, the data and information is collected from news papers, articles, magazines, internet websites, and expert interviews. Protecting intellectual property with patents provides the exclusive rights by law to the assignees or originator to make use of and exploit their inventions. The invention which meets the novelty, non-obviousness, usefulness in the industry, enabled etc criteria’s as per Indian patent act and fulfilling patentable criteria’s …show more content…

The intellectual property rights can helps protecting with the patents, trademarks and copyrights. It will be help us to prevent the uses from competitors to use your ideas for their own business or economic profit without your legal consent and authorizations.
It is very important to protect any unique product or services form the uses of competitors for the protection of market share and business growth and to avoid revenues. If we lost the ideas and services about the products and services without obtaining intellectual property rights it may be harmful or can be become the cause of business destructions. It is our own responsibility to protect the intellectual property assets with proper rights. The obtaining intellectual property right may be considered as an overwhelming process but is easier than you think. It is difficult and time consuming but the protection of IP is well worth for the business.
Objective: This paper aims to explore the significance of intellectual property rights and to know the procedure to obtain patents in India. …show more content…

The term of Intellectual property (IP) is used for the intangible asset that doesn’t exist in a physical object but has a economic values. It includes innovative ideas, concepts, designs, software, inventions, trade secrets, formulas and brand names, artistic works like music and literature, discoveries, process and services.
What is intellectual property right?
Intellectual property rights refer to the legal ownership of IP by a person or business of an invention, discovery related to the particular product or processes for the protection of the owner against unauthorized copying or imitations.
What is the importance of protecting intellectual property?
The IP (Intellectual property) are the valuable assets for the business and vital because it can protect your business from your competitors. It can provide the licensing and revenue for the business. It helps and protects the innovative research and encourage for the betterment business. It helps in marketing and branding the product. It provides the security for loans and many more lot of aspects of your business. It protects your rights against infringement by others and restricts its uses, making and selling without your permissions. It helps to earn royalties by licensing and making money by selling

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