Department of commerce Faculty :M.com Name :Gami Asmita B. Roll No.: 15 Academic year :2018-19 Topic : Intellectual property rights Submitted to: Daksha mam

Introduction There are many big and small intellectual property law firms worldwide, like in India, USA, UK, Chicago etc. providing qualitative help to inventors and creators of product. In India intellectual property rights are safely protected and controlled by well- establised statatory and judicial framework.

Meaning Rights attached or derived from the intellectual property are known as intellectual property rights (IPR). To be more specific, those rights related to IP which are protected by laws are the IPRs. Intellectual property rights is a private right recognized within the the territory of a country and assigned to an individual or individuals for specific period of time in return for making public, the results of their creativity or innovation.

Definition Intellectual property in a simple sense is a creation of the human intelligence or mind. As a from of property right, intellectual property can be considered as assets that can be bought, sold, mortgaged, exchanged and licensed like physical property.

Concept of intellectual property righty There is nothing wrong to say, in present context ,that ‘wisdom is wealth’. This is the ear of ‘intellectual’, human intellect is exploring all the field of knowledge considering the contribution of human intellect in the development of society a need has felt to promote, protect ,and encourage such a contribution. Consequently ,the concept of intellectual property rights emerged.

Development of IPRs in India The importanc of intellectual property in India is well established at all levels statutory, administrative and judicial. India ratified the agreement establishing the world trade organisation (WTO). Contains an agreement on trade related aspects of intellectual property rights (TRIPS) which cane into force from 1st january 1995. It lays down minimum standards for protection and enforcement of intellectual property rights in member countries which are required to promote effective and adequate protection of intellectual property right with a view to reducing distortions and impediments to international trade.

Different types of IPRs Copyright :- Copyright is a limited property right that exists in several types of works. There are two separate group of intellectual products subject to copyright protection. The first group is made or original literary, dramatic, musical or artistic works. Sound recordings, films, broadcasts, cable programmes and published editions of an existing work compose the other category of works referred often as derivative works.

2. Patents Patents are a type of intellectual property in which the creator of a novel invention is awarded with a monopolistic ownership of the product of his effort for a given period of time, after which the invention goes into the public domain. The purpose of a patent is to provide a reward for the skill and labour taken by the inventor in general, patents can be categorized into three different types: product patents, use patents and process patents.

3. Industrial design Industrial design protection has been implemented by many different treaties. In particular, the greatest protection comes from agreement on trade related aspects of intellectual property right (TRIPS Agreement) which came into effect in 1995.

4. Trademarks right Trademark do not protect the technology itself, they protect the information to the consumer that a brand possesses. In most legislation a trademark has to be a sign capable of being graphically represented, and it has to be capable of distinguishing the goods, services or the technology behind it from competing products or services.

5. Geographic indication Geographic indications are another type of intellectual property that is specific to a place of origin. The world intellectual property organization (WIPO) describes them as “a sign used on goods that have a specific geographical origin and possess qualities or a reputation that are due to that place of origin.

6. Trade secrets It gives the owner of commercial information that provides a competitive edge the right to keep others from using such information if the information was in property disclosed to or acquired by a competitor and the owner of the information took reasonable precautions to keep it secret. Trade secrets exist without registration as it is to make the information public, for example the formula of Coca Cola.

Nature of IPR IPRs has become an issue of wide and serious discussion with the formation of the general agreement on trade related aspects of intellectual property rights (TRIPS) under uruguay round agreement of he GATT (now the world trade organisation). India is in ‘priority watch list’ of USA under special 301 system. Intellectual property insists on some amount of novelty or originality to gain protection.

Cont………. Intellectual property system is duration specific . It dose not provide perpetual and absolute monopoly over the property. what is protected with respect to intellectual property is the use or value of ideas. However, the bundle of rights constituting intellectual property is not over abstract ideas but rather over physical, concrete or tangible manifestations of these ideas.

Conclusion With the development of human race there have various new concept, principles, inventions and cultures emerged on the canvas of earth. The concept of intellectual property rights is one of two growing up cultures of the time. I.e, the culture of commoditization and the industrial culture. The concept of IPR is based on the idea that the products of human intellect are the property of the human.