Are intellectual property rights working for society [Expert Advice]

Last updated : Aug 27, 2022
Written by : Vina Trostle
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Are intellectual property rights working for society

Does protecting intellectual property rights benefit society?

Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development.

How important is the intellectual property rights to a person or to an organization?

Intellectual Property are important (whether collectively or individually) to businesses as they are intangible assets that can be financially exploited because like physical property, they can be sold or licensed. Every business possesses such assets whether they are aware of it or not.

What is the role of intellectual property rights?

Intellectual property stirs interests among people concerned. It provides income and causes movement of all kinds of resources and therefore creates industry and commerce. The intellectual property has a very important role both in economic and social development of mankind.

Who benefits from intellectual property?

Intellectual Property (IP) Protection is fundamental for innovation to thrive. It rewards creativity and can generate tangible benefits to businesses, employees and society.

What are the disadvantages of intellectual property rights?

It Costs Money to Defend: Just because a patent assigns exclusive ownership right, it doesn't mean another person or entity is not going to use the product or invention without obtaining permission. Court cases can drag on for years and eventual settlements may hardly justify the battle.

Are intellectual property rights relevant to economic growth?

The evidence suggests that intellectual property protection is a significant determinant of economic growth. These effects appear to be slightly stronger in relatively open economies and are robust to both the measure of openness used and to other alternative model specifications.

How does intellectual property help the organization grow?

Intellectual property helps in developing and maintaining company's long term revenue streams and increase shareholder's value. IP also helps companies to protect technology innovations and gain competitive advantage.

How does intellectual property affect human lives?

Intellectual property (IP) is one of the key drivers of our world. It enhances our lives, grows our economies and sustains our world by ensuring new, high-quality innovations are continually developed across society.

Why intellectual property is so important for any business?

It gives the owner of the property the opportunity to share their creations with limited competition and protects the company's competitive point of differentiation. Intellectual property rights can sometimes be an extremely valuable bargaining tool rights, and it can be sold for financial gain.

Why is IPR a negative right?

The Intellectual Property Law is a negative right which means it is a right to exclude others from using the property generated by the registered owner. It is thus obvious that this law anticipates pre-emptive measures to prevent the misuse, as the property is intangible per se.

What are the pros and cons of intellectual property rights?

  • Lawyer fees.
  • Court costs.
  • Filing fees.
  • Settlement fees.
  • Registration fees.

What have been the main criticisms against intellectual property rights?

The term intellectual property has been criticized on the grounds that the rights conferred by exclusive rights laws are in some ways more limited than the legal rights associated with property interests in physical goods — chattels or land — real property.

Do intellectual property rights affect the economy in any way?

In many developed countries, the strict enforcement of the IPR role has a huge contribution to economic growth. IPR promotes innovation which leads to economic growth. Nowadays every business in the world is the creation of Innovation. The current era has realized the importance of IPR laws.

Do intellectual property rights promote innovation?

Intellectual property serves as the foundation of innovation in our economy. Government-granted rights incentivize discovery and creativity by providing creators with an opportunity to profit from the value of their innovative work.

What role has intellectual property played in economic development?

Intellectual property (IP) protection affects commerce throughout the economy by: providing incentives to invent and create; protecting innovators from unauthorized copying; facilitating vertical specialization in technology markets; creating a platform for financial investments in innovation; supporting startup ...

What is IP and why is it important?

IP ensures you are recognised as the creator of such things as an invention; literary and artistic works; designs and software. To protect these types of IP there are: registrable rights - IP Rights (IPRs) such as patents, trademarks and design rights; and. unregistered rights such as copyright.

Does intellectual property rights last until the author dies?

Currently, all copyright-eligible works created on or after January 1, 1978 are protected for 70 years after the death of their author.

What are the disadvantages of IP addressing?

  • It expects you to deal with your volume spikes –
  • It drives you to take a gander at your volume history –
  • It comes at a greater expense –
  • It is something that is hard to find –
  • It doesn't function admirably for low-volume circumstances –

What would happen without intellectual property rights?

[6] Without intellectual property protection to incentivize this development, the treatment and the jobs it would generate are lost. Without adequate IP protection, innovators are unable to attract investments, business creation is slowed and jobs lost.

What are the problems of intellectual property?

Issues and Controversies. The efforts to protect intellectual property rights suffer from three major problems: institutional issues, philosophical issues, and handling of new technologies. The institutional issues refer to the shortcomings of existing regimes and their enforcement.

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Are intellectual property rights working for society

Comment by Caridad Castile

treatment on the importance of intellectual property rights for entrepreneurs my name is gene Bonilla and i am the director of the Office of International intellectual property enforcement in the bureau of economic and business affairs here at the State Department I am your moderator for today's discussion as we are just under one week away from President Obama's global entrepreneurship summit which takes place in palo alto california it is important to highlight the critical role that intellectual property rights plays in creating a healthy climate for entrepreneurship protecting intellectual property means giving peace of mind to creative thinkers who want to turn their products into profit entrepreneurship means economic prosperity for individuals growth for communities and stability for entire nations but there's little to gain from starting a business when the core idea can be stolen by someone else I would like to thank our impressive set of audience members for this event we're joined on camera by attendees from abuja nigeria and hvar ona botswana thank you for taking time out of your busy schedules to speak with us on this important topic we would also like to extend a warm welcome to other audience members watching from Baghdad bujumbura and from around the world thank you all for being with us today were privileged to be joined by mr. russell's Slifer deputy Under Secretary of Commerce for intellectual property and deputy director of the united states patent and trademark office russ provides strategic leadership and oversight to one of the largest intellectual property offices in the world and we're excited that he's able to join us for this important conversation Russ thank you for being with us today thank you it's my pleasure to on you and thank you for the audience and joining us well did you want to say something about your past experience and your your wits at your background brings you to USPTO I'd love to I have an electrical engineering degree I went to college because i had an excitement about solving problems in creating new things and when I got out of college I decided to join a corporation and work as a design engineer and it was there that I first got introduced to intellectual property i sat down with one of the attorneys at our corporation was talking about one of the inventions that one of my colleagues and I had come up with we're learning about patents and that was really my first introduction into I guess if you want to think of it this way a little behind the curve a couple hundred years but it was my exposure into what our founding fathers had recognized in the late 1700s and that is an incentive to invent by obtaining a patent on an invention provides the motivation to not only disclose your invention to others so that they can learn but gives you that motivation to build a business and in even an entire industry around it so that was my introduction to intellectual property and from there I obtained a law degree in a practice intellectual property law for the last 22 years and have been with the Patent and Trademark Office for coming on two years now outstanding well we're very very happy to have you with us here today and I would like to begin today's program with several questions of my own and they may sound very basic but I think that particularly it's important to start the conversation this way so I do want to start by asking you what is IP and how does the Patent and Trademark Office define it it's a great question and when I first joined the Patent Office i worked in one of our newest regional offices and for more than 200 years that patent office was in one location and we opened regional offices around our country so we could better connect with the communities across the u.s. and one thing that I did in that role was go out and meet with entrepreneurs and startups and actually the inventive and creative communities within that region in addressing this topic was usually one of the first things that we wanted to do also intellectual property is defined I guess the best definition is creations of the mind so inventions artistic work literary works things that individuals think of and create with their mind maybe symbols are names that are used in business to represent your your business so that's intellectual property a little bit different from intellectual property is the way in which we protect intellectual property or you might hear it as IPR intellectual property rights so there are several categories of protection for the intellectual property one would be patents we most people have heard of a patent a patent is is a right granted by a government that gives you exclusive rights to make use or sell that invention for a limited period of time in exchange for your disclosure of that invention so the public as a whole can benefit not only from the product that you make but from the knowledge that went into that creation we also have trademarks which cover a name or an image that is used in commerce to represent the origin of the product that is being presented a third would be copyright so copy light copyright laws are provided to protect the artistic creations the literary creations so songs poems movies that are created that part of intellectual property and I throw one more category and that would be trade secrets and trade secrets are intended to protect those secrets that are beneficial to the business operations so an economic benefit to the entrepreneur or the startup or the large corporation and this could be the recipe for the product it could be a method of making the product it could even be the the list of your customers or your suppliers so that in a nutshell is intellectual property and the types of rites that protect them well and I asked you also how PTO protects those rights so maybe you could elaborate a little bit on how we well to patent and trademark office united states patent and trademark offices as you mentioned one of the largest SAR largest in the world we're just short of 13,000 people at our agency and two of our primary missions are to grant patents and registered trademarks so we work very closely not only with our stakeholders are the applicants to examine their patent applications and then grant a patent when it's appropriate but also we work very closely with communities both internationally and domestically to help educate on intellectual property we registered trademarks so we received trademark registrations for the u.s. community or to protect the trademarks in the US so we examine those and then registered trademarks we also are tasked with educating or counseling the executive branch of our government in other intellectual property including copyrights trade secrets we work closely with other departments around government when we're working on trade issues or you know international training things like that well in fact I know that both state and pto are members of the IPR Center which is a an entity that's designed to bring together those federal agencies that are specifically involved in enforcement of intellectual property but I realize we're

Thanks for your comment Caridad Castile, have a nice day.
- Vina Trostle, Staff Member

Comment by saiman1668G

Thanks for this interesting article

Thanks saiman1668G your participation is very much appreciated
- Vina Trostle

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