The Importance Of Intellectual Property

Intellectual property is an intangible product and a creation of human mind, human intellect and hence called “intellectual property”. Intellectual property, although a hidden property is an important means of accumulating tangible wealth. Intellectual properties and intangible assets jointly form the most important driving force of the world economy. That is why, multinational companies and international corporations have invested enormous amount for the enrichment of their intellectual property.

Intellectual Property is basically divided into two categories:

Industrial Property

Copyrights and neighboring rights.

The industrial properties are patents, trademarks, industrial designs, layout design and geographical indications etc. whereas the copyright and neighboring rights are writings, musical works, sculptures photographic works, audio-visual works, paintings and drawing etc.

With the adoption of Paris Convention for the protection of intellectual property (1883) and Berne Convention (1886) for the first time the intellectual property rights have been recognized around the globe. The said Paris Convention was a landmark international event when as many as 140 States signed the convention and agreed to implement its provisions. Under the article 1(2) of the said Paris convention states as follows: “The protection of industrial property has its objects patents, utility models, industrial designs, trademarks, service marks, trade names, indications of sources or