Intellectual Property Law: A brief overview

What is intellectual property?

 Intellectual property is an idea or designs, an invasion of a manuscript etc. which can ultimately give rise to a valuable product. It refers to creating the mind, everything from works of art to invention computer programs to trademarks and other commodities.

It includes a broad scope of activities and has a crucial role in both cultural and economic life. This importance is recognised by various law that protects the right of intellectual property.

Why does IP matter?

Intellectual property rights are also vital. Inventors, artists, scientists and people in business put a lot of time, money, energy and thought into developing their innovations and creations. To keep their enthusiasm up, the innovators need a sense of protection of their intellectual property, and hence certain rights are provided to them.

Categories of intellectual property

Intellectual property is broadly defined in the following categories:

• Copyrights
• Patents
• Trademarks
• Trade Secrets

Copyrights

Copyright protection is given to the “original works of authorship.” Copyright includes the rights of reproduction, performance, distribution etc. Copyrightable works include literature, music, drama and plays, choreography,  pictorial work, graphics and sculptures, motion pictures, sound recordings and architectural work.

Patents

A patent is a monopoly that provides an exclusive right to make, use, offer, or sell a specific innovation. The purpose of giving inventors patent protection is to encourage inventors to invest their time and resources in developing new and valuable discoveries.

Trademarks

Trademark is a distinctive symbol that identifies particular products of a trader to the general public. The emblem must consist of a device, words, or a combination of these. The second requirement of distinctiveness encompasses four traits which are arbitrary, suggestive, descriptive and generic.

Trade Secrets

• Trade secrets are intellectual property rights on confidential information which may be sold or licensed. For getting mentioned as a trade secret, it must be:
• Commercially valuable because it is secret,
• Be known only to a limited group of persons, and
• Be subject to reasonable steps taken by the rightful holder of the information to keep it secret, including the use of confidentiality agreements for business partners and employees.

IP rights

The rights of an individual to derive economic benefits from his intellectual property is called Intellectual Property Right (IPR). Intellectual property rights (IPRs) play an essential role in every sector and have become the basis for crucial investment decisions.

 Intellectual Property Law in India

In India, the following statute is considered for intellectual property rights :

• The Patents Act, 1970
• The Trade Marks Act,1999
• The Copyright Act,1957
• The Designs Act,2000
• The Geographical Indications of Goods Act,1999

India is becoming a pro- innovator jurisdiction with courts having efficient IPR laws. Moreover, with a proper legal framework, India has seen a manifold increase in the assertion of IP rights by innovators.

Conclusion

As we have seen above, to protect the innovators' interests, intellectual property laws are a must. Understanding the IP rights and following the best practices can drastically reduce the risk of losing intellectual property.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.