Intellectual Property rights (IPR) Intellectual property (IP) refers to creations of the mind: inventions, artistic works, discoveries and symbols, names, images, and designs used in Commerce, for which a set of exclusive rights are recognized in corresponding field of law. In a short context, intellectual property is protection over something that gives the business a competitive advantage in the marketplace.  It prevents others from replicating your business.

Examples of IRP Trade Mark as Intellectual Property Trademarks are also very common types of intellectual property that can protected as well. Trademarks examples of intellectual property include: Business logo. Business name Business slogan. Even business color schemes can be protected (in certain circumstances) under trademark law.

Examples of IRP Trade Secret as Intellectual Property Trade secrets are simply secrets of business trade.  It can be a secret while filing for a patent, or it can be a secret forever, such as the Coca Cola Recipe.  Here a few good examples of intellectual property trade secrets: Recipes Business Methods Marketing Strategies Anything else that gives the business a competitive advantage

The background Most of the technological development has resulted from cooperative ventures formed between and among the private sector, universities, and government entities which allow them to share risks and cost and benefits of the innovations, Thus, this joint research that leads to technological breakthroughs needed to be protected often through patents.

Since the most significant application of IRPs is in Trade Hence, Trade Related aspects of Intellectual Property or (TRIPs) requires more attention than any other IPR

What is TRIPs agreement? It is an integral and legally binding part of the new World Trade Organization (WTO), TRIPs provides comprehensive rules and standards for protection of intellectual property which includes copyrights, trademarks and patents and came into force on January 1st, 1995,

TRIPs Article 27 of Patentable Subject Matters Requires member countries to grant patents for inventions, whether product or process in all field of technology, provided that they are New, Involve an inventory step and Are capable of industrial applications

What Is patentable? Most of the processes and many products of biotechnology research are patentable Patents shall be available and patent right enjoyable without discrimination as to: The place of invention, The field of technology, and Whether the products are imported or produced locally

Status of patents Consolidation of private research is the extension of IP on every product It took US 200 years (1791-1999) to approve six million patents By that time three million more application were received all concerned with biomaterials In 1999 “WIPO” received record 76,023 thousand applications coming just from five countries(US, Germany, Japan, UK, France)

Investment in knowledge results in technological change Technological advance requires investment, Investment in knowledge is different from that in human and physical infrastructure, iii. Generation of knowledge primarily takes in technology rich Countries, iv. Advanced economies profit more from investment in knowledge than developing countries,