Current Issues in Intellectual Property - Essay Example

Current Issues in Intellectual Property Introduction to intellectual property Intellectual Property (IP) rights are the exclusive rights gained for different creations and discoveries. These rights are legally recognized and enforceable. Intellectual property rights are applicable to mainly intangible assets like artistic, literary and musical works, new words, designs, symbols, meanings, phrases and patterns and also different inventions and discoveries done in a wide range of domains. The most common variations of intellectual property are trademarks, industrial design rights, patents, trade secrets, industrial design rights, trade dress and copyrights. Most of the legal principles to encourage and establish the intellectual property rights have evolved over decades. The intellectual property laws were strongly established in the 19th century due to the different evolutions in the global business environment. Today the intellectual property laws and rights have become a commonplace concept in almost all countries accrues the globe. Intellectual properties are not only applicable to artistic creations but are also used to protect inventions and discoveries which have commercial value. Intellectual properties are protected by the law due to the usefulness of these properties in enabling the general people and society to earn financial and economic benefits and recognition from their discoveries, creations or inventions. It can be ascertained that striking a right balance between the interests of the public and those of the innovators is likely create an environment which will support the flourishing of creativity and innovation. Discussion Products and services protected by intellectual property Intellectual property laws can be used to protect a wide range of products and services. It includes all types of innovations and some discoveries made by individuals, teams or organizations. The intellectual property rights can be gained under copyrights, patents, trademarks, confidentiality or trade secrets. Patents can be obtained for a wide range of products including any method, substance, process or device which is inventive, new, authentic and useful to the society, technology or any other domain. Patents can be enforced legally and can be used to commercially protect and exploit inventions and creations. Some innovations like mathematical models, schemes, artistic creations, plans and processes which are completely dependent on mental processes are not eligible for getting patent rights. The copyrights are commonly used under the intellectual property laws to protect mental creations like literary works, music compositions and other forms of artistic, creative or intellectual discoveries and inventions. Commonly used commercial products and services can be protected through the use of trademarks. The industrial designs and utilities can be protected under the industrial design rights. Trade secrets are other forms of intellectual property rights which can be used to protect any design, process, pattern, and formula, compilation of information, instrument or process invented by any individual or any organization. These products and services should be original and authentic and should not have been ascertained before or generally known (Hansen and VanFleet, 2003). Thus, the discoveries and inventions which can be used by any business to achieve economic advantage over the other players in the industry and customers can be protected under trademarks and trade secrets. Patents are commonly applicable to critical invention oriented industries like biotechnology, nanotechnology ad other areas of science which are highly dependent on innovations and discoveries. Software inventions and inventions in the field of biotechnology and software technology are hugely protected by the Intellectual Property Rights (IPR). Laws pertaining to intellectual property Many countries across the world are enthusiastic about accepting the national phase of patent applications through the implementation of World Patent Applications which are generally made under the laws of Patent Cooperation Treaty (PCT). The Patent laws widely use suitable Databases to maintain proper record of intellectual property applications as well AS to ensure the proper implementation of patent laws and Intellectual property laws in different jurisdictions. The World Intellectual Property Organization (WIPO) is an active implementer and decider of laws with respect to intellectual property and patents (McCarthy Tetrault, 2013). Most of the developed countries across the world have specified legal measures established in order to protect both the physical and intellectual properties. The concept of intellectual property rights is guided by the fact that the intellectual properties of human discovery and inventions should be protected by suitable laws as the physical properties. The laws pertaining to intellectual properties are mainly used under three broad mechanisms which are patents, copyrights and trademarks. The statute of monopolies (1624) and the British Statue of Anne (1710) are critical laws in the area of intellectual property. The British Stature of Anne established in 1710 is applicable to the copyrights laws in the European Union. The Statute of Monopolies established in the year 1624 is an important statute guiding the patent laws in the European Union. The USTPO established in the United States of America is dedicated towards providing leadership and promoting awareness with respect to intellectual Property Policies and Laws. The main two offices in the United States which are involved in maintaining Intellectual property (IP) policies and laws are the Office of the General Counsel and the Office of Policy and External Affairs. The Intellectual Property laws enforced in the United States are aimed at protecting the intellectual properties, promoting awareness about intellectual properties, dealing with any infringement of the intellectual properties and enforcing suitable laws formulated for both the international intellectual property protection as well as the international or overseas intellectual property protection. Current issues in intellectual property The protection of Intellectual Property Rights (IPR) has emerged as a major issue in international trade practices facilitated by the aspects of globalization, opening up of various market economies. The increasing number of inventions and discoveries supported by an accelerated level of information revolution and globalization has made it mandatory to establish suitable laws guiding the protection of Intellectual Property Rights (IPR) .The growing complexity in the international trade practices and commerce relations between the developed and the developing countries have become critical issues in the present business world (Cross, 2010). The globalization of human resources and technological resources and processes, the flow of skills and technology and the rapid increase in the improvement in technology and foreign direct investment flows has made the Intellectual Property Rights (IPR) more vulnerable and valuable for different enterprises as well as nations. This is applicable for both the developed countries and the developing countries. Globalization has led to the free flow of information, technology, ideas and skills across international borders. This makes the Intellectual Property Rights (IPR) more susceptible to misuses as well as infringement. The emergence of breakthrough inventions in biotechnology, technology, etc. and the adoption of new Processes in business have made the existing intellectual property rights (IPR) schemes more obsolete in nature. The new technologies and inventions are often highly valuable and their protection is becoming more necessary with the current evolutions in the global business scenarios. The growing role of the developing countries and emerging markets is another major trend in the intellectual property rights (IPR) domain. The emerging countries generally have lesser resources and weaker abilities for Protecting the Intellectual Property Rights (IPR). However, without proper Intellectual Property Rights (IPR) it would mean that the inventions and technologies would be soon transferred to other countries. This is likely to increase the gap between the developing and the developed countries by taking away the resources and Opportunities from the developing countries. Future trends in intellectual property The intellectual property rights and laws have emerged as critical perspectives in the modern business environment with a number of companies fighting for maintaining secrecy and rights on inventions and discoveries in various domains. The future trends of the intellectual property rights are likely to be diverse. But they would establish Intellectual property laws and policies in a more solidified manner. The patent enforcement entities are likely to have a wider reach by trying to be applicable in new industries in which patent rights and controls may be asserted. The new industries which would find more use in patent rights are mainly automobile sectors and medicine sectors which are being characterized by continuous devolvement and inventions (World Trade Organization, 2013). Many giant companies and ventures would try to acquire patents for the medical discoveries and also try to enter into Business ventures and alliances that would be supported by the patents of medical devices and other discoveries. The number of organizations partnering and creating or joining new and existing consortiums with the aim of speeding up the patent acquisition processes and spreading the associated costs for Intellectual Property Rights (IPR) acquisition would increase at a multifold manner. This would be primarily aimed at reducing the costs and sharing the risks worth respect to exercising Intellectual Property Rights (IPR) on joint businesses. Controversies on the validity of different Intellectual Property Rights (IPR) especially in the areas of software and technology will experience major changes with the rules for protecting the Intellectual Properties becoming more stringent for protection and maintenance of unique rights on inventions in this domain. The increasing competitiveness in the biotechnology and software fields would foster the popularity of Intellectual Property Rights (IPR).The organizations across the globe are likely to invest more towards acquiring and maintaining Intellectual Property Rights (IPR) in order to ensure competiveness in the industry as well as to restrain the bargaining power of the global consumers. Another important future trend is likely to be then merging importance of cost control and cost versus benefit analysis of the Intellectual Property Rights (IPR). The businesses across the globe will aim at reducing the costs of Intellectual Property Rights (IPR) while trying to maximize the economic benefits of the properties. How countries implement intellectual property laws The implementation of Intellectual Property Rights (IPR) is different for different countries. The difference is stark between the developed and developing nations. While the developed countries like The United States, United Kingdom, Germany etc., have more resources, capital and required capabilities to support the protection of their intellectual properties, the developing countries like India, China etc. are lagging behind when it comes to the availability of resources and capabilities to protect their intellectual property rights (IPR) significantly. Most countries have established Suitable technical and scientific infrastructures to support the aspirations and needs of their organizations, people and industries. National Intellectual Property Rights (IPR) policies are maintained in both developed and developing countries. However, the powerful nations have more strongly established the intellectual property rights (IPR) policies as compared to the emerging economies. However, almost all countries across the world have implemented suitable Intellectual Property Rights (IPR) laws to ensure legal protection to the inventions and creations in both the public and private domains. The proper implementation of Intellectual Property Rights (IPR) laws are supported by adequate infrastructure for administering and managing the intellectual property rights (IPR), training and awareness creation methods developed for intellectual property rights (IPR), adequate human resource and financial capital to support the implementation of intellectual property rights (IPR) and general awareness about Intellectual Property Rights (IPR) among the major shareholders in the economy. Recommendation and conclusion The implementation and maintenance of suitable intellectual property rights (IPR) laws has become indispensible in the evolving global business environment. Therefore, it can be recommended that all the countries across the world including the established and the emerging economies should try to formulate suitable guidelines and policies to protect their intellectual properties. This would ensure that the countries can maintain tier resources in a stringent manner and prevent any kind of replication and use of their invented resources by other parties. this would not only help to maintain the authenticity of many discoveries but would also ensure that the people in the world are protected from major threats like counterfeit medicines or any harmful use of otherwise beneficial inventions. A global system like the WIPO is an effective way to ensure that the Intellectual Property Rights (IPR) is maintained suitably in the world that will benefit the public interests and improve the global economies. References Cross, J. (2010). Global issues in intellectual property law. St. Paul: West/Thomson. Hansen, S., & VanFleet, J. (2003). Traditional Knowledge and Intellectual Property: A Handbook on Issues and Options for Traditional Knowledge Holders in Protecting their Intellectual Property and Maintaining Biological Diversity. Retrieved from http://community-wealth.org/_pdfs/articles-publications/commons/book-hansen-vanFleet.pdf. McCarthy Tetrault. (2013). Current Intellectual property Law Issues. Retrieved from http://www.mccarthy.ca/pubs/2011_05_05_Current_IP_Law_Issues.pdf. World Trade Organization. (2013). Current issues in intellectual property. Retrieved from http://www.wto.org/english/tratop_e/trips_e/trips_issues_e.htm. Read More