Patents in Intellectual Property Rights

IP is the intangible property that is the result of creativity such as literary or artistic work, names and symbols in the field of commerce. This term is used under Property Law.

Intellectual Property Rights or IPR refers to the legal protection to the owners of intellectual capital which is also termed as intellectual property. In general terms , it is defined as the allocation of trademarks, patents or copyrights to ensure no one reuses or copies the creation without the owner’s permission.That is why, IPR is all over a need for today’s creators and designers. With time, people will need specialists who are acknowledged about the rights of intellectual property to deal with issues in the modern world of plagiarism and stealth.

 

The main reason for IPR is to promote small scale businesses and start ups without the intrusion or interference by the larger companies. Another need  for IPR is to add variety and uniqueness to the number of goods with various creators all over the world. 

It is important for the availability of the original product and preventing common goods and services.It’s highly beneficial for the individually working people on the basis of their creations and content. In the field of technology, they are responsible for a massive amount of growth and development. For the overall economic elevation of the people living in remote areas with only a source of income as their designs and creativity , IPR is outstanding. Recognition of the mastermind behind the creation of the property is maintained and done without any questions asked under this and hence its very vital in the field of property law. 

There are 5 different types of IPR:  

 

  • Trademarks: A  trademark is a recognizable sign , design or expression which distinguishes products and services of a particular trader from similar products and services from other traders. 
  • Trade Secrets: A trade secret is a process , formula , practice or design of information which is not generally known or explained to others by which they can have some huge advantages over other creators and customers.
  • Copyrights: A copyright gives the creator of an original work exclusive rights to it, usually for a limited time. Copyright may apply to a wide range of creative , intellectual , or artistic forms
  • Right of Publicity: It is generally defined as an individual right to control and profit from the commercial use of his/her name or persona.
  • Patents:  Patent is a form of right granted by the government to an inventor or their successor-in-title, giving the owner the right to exclude others from making , using, selli, offering to sell, and importing an invention for a limited period of time , in exchange for the public disclosure of the invention.

 

There are so many kinds of patents provided by the IPR itself which are letters patent, land patents, printing patents, industrial design patents, plant patents and utility patents. Some other patents for inventions are biological,  business method, chemical and software patents. Below mentioned are some points to emphasize the importance of Patents. 

 

  • Exclusive Rights: The Patents provide some prominent rights which repel others to use the invention without the permission of the inventor. It is very important to maintain the uniqueness and realness of the created commodity.
  • Strong Market Position: as it is directed that the inventor leads the sales , patents help in ensuring the sales of the similar commodity is not executed. It creates a reliable source and along with that , customer loyalty because of the authenticity of the product.it helps in sales enhancement wondrously. 
  • Higher Returns on Investments: the higher the investments , the higher the pressure of profits and revenue. Patents help in sustaining the prophets and gain profoundly. They help in the right marketing tactic in nothing but surefire positive results. With time , patents have been proven to help in authenticity and outputs based on that. 
  • Opportunity to License or Sell the Invention: there might be said when the inventor or creator doesn’t want to use or process the creation by himself. With the patents authorisation , a person can either sell , rent or license the rights to commercialise it to any other company. This helps in creating profits without even working for it. The additional bonus along with that of royalty will be a forever profitable move for the creator. 

 

Patents are still underrated in the corporate industries. However , a lot of companies are working to implement the trademarks and patents to their inventions but some of the mediocre businesses and projects are still without such authorised patents and suffering, by the exploitation of many established brands in the name of power and incentivising. 

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