Intellectual Property Rights (IPRs) are the rights associated with intangible property owned by a person/company and protected against use without consent. These rights aim to protect intellectual property (creations of human intellect) by allowing the creators of trademarks, patents, or copyrighted works to benefit from their creations. Thus, the purpose of IPR is to reward human intellect by providing exclusive rights to the creators over their inventions, artistic creation, musical works, etc. It includes the rights relating to:

1.     literary, artistic, and scientific works,

2.     performances of performing artists, phonograms, and broadcasts,

3.     inventions in all fields of human endeavour,

4.     scientific discoveries,

5.     industrial designs,

6.     trademarks, service marks, commercial names and designations,

7.     protection against unfair competition, and 

8.     All other rights resulting from intellectual activity in the industrial, scientific, literary, or artistic fields.

Other categories of intellectual property include geographical indications, rights in respect of know-how or undisclosed information, and layout designs of integrated circuits.

Advantages of Intellectual Property Rights

1.     IPR protection gives businesses a competitive advantage over other similar businesses.

2.     IPR protection allows prevention of unauthorised use of intellectual property and works.

3.     IPR enhances the value of a company and also open up avenues for collaborations and opportunities for generating income by means of entering into licensing agreements.

4.     IPR helps to attract clients and create brand value for the business. For example, the consumers start identifying your products with the unique logo or registered trademark.

Here are some of the Important Components of Intellectual Property Rights

COPYRIGHT

The term ‘copyright’ concerns the rights of the creators/authors of literary and artistic works. Copyright gives an author exclusive rights to his creation and prevents the copying and unauthorised publishing of his work. Copyright protection is granted to a work that is an original creation.

What types of work can be protected under copyright?

The following categories of work typically come under copyright protection:

·       Literary works such as novels, plays, poems, and newspaper articles

·       Computer programs and databases

·       Films, musical compositions, and choreography

·       Artistic works such as photographs, paintings, drawings, and sculpture

·       Architecture and advertisements, maps, and technical drawings.

PATENTS

A patent is an exclusive right granted for an invention or innovation, which might be a product, a method or a process, that introduces a novel way of doing something or offers a new technical solution to a problem. A patent is granted for inventions having industrial and commercial value.

What kind of protection is given by patents?

·       The patent owner possesses the exclusive right to prevent others from commercially exploiting the patented invention.

·       Third parties are prevented from manufacturing, using, distributing, selling etc. the patented invention/product without the consent of the patent owner.

TRADEMARKS AND SERVICE MARKS

A trademark is a symbol that is used to distinguish the goods of one enterprise from its competitors. A trademark may consist of a single letter, logo, symbol, design, or numerals and three-dimensional features such as shape and packaging, etc.

What is the purpose of a trademark?

·       A trademark is a symbol that identifies a product and its source. 

·       It reflects the goodwill of a business.

·       It assures the consumer about the established quality of the product.

·       It serves as an advertisement for the product.

·       A registered trademark provides legal protection to a brand.

·       It helps to establish a dedicated consumer base by preventing others from imitating another brand.

GEOGRAPHICAL INDICATIONS (GI)

A geographical indication (GI) is used to identify goods having a specific geographical origin. These indications denote quality, reputation, or other characteristics of such goods essentially attributable to their geographical origin. Generally, geographical indications are used for foodstuffs, agricultural products, wine, industrial products and handicrafts.

Benefits of registration of GI

·       Confers legal protection to domestic/national GI which in turn boosts exports.

·       Prevents others from making unauthorized use of a Registered Geographical Indication.

·       Promotes the economic well-being of producers of items produced in a specific geographic area.

CONCLUSION

The importance of IP in a world of technological, scientific, and medical innovation cannot be ignored. IP is a valuable asset since it provides a competitive advantage to the owner over other entities. To make the most out of IPR, it is advisable to get it registered. An intellectual property right is a proprietary right on the product of one’s intellect. These rights support innovation and help the innovators at every stage of the business development, competition, and expansion strategy. It is also noteworthy that registered and enforced IP rights enable the consumers to make an informed choice about the quality, safety, reliability of their purchase.