Innovation and invention are two of the most crucial facets of any economy. When you buy any product or services you not only pay for the content of the product but also for the royalties of the inventor. Any unique things attached to the product or any invention made is capable of being protected under the intellectual property rights. With this blog, we will take a comprehensive look at the concept or answer of the question what is intellectual property rights(IPR) and its types especially in India.
What is Intellectual Property?
First of all, let us understand the concept of intellectual property. In simple terms, we can define intellectual property as anything that is the creation of human intelligence or mind. While according to the world intellectual Property organization the Intellectual property refers to creations of the mind- inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.
What is Intellectual Property Rights(IPR)?
Just like any other rights intellectual property rights benefits the creators and inventors of the unique work. By obtaining the intellectual property rights the owner becomes the sole holder of his invention and become empowered to avail the monetary or other benefits from it. There are basically three kinds of Intellectual Property rights the trademark, copyright and the patent. All of them can be distinguished based on work they protect.
Types of intellectual Property Rights?
A trademark is a unique sign, symbol, word, logo, design etc that is capable of uniquely identifying the good or a service so that it can be distinguished from its competition. With trademark registration come the exclusive usage and distribution rights for the owner. Every person desiring to obtain trademark registration is required to make an application with the trademark registry. One important thing to be noted here is that once you have obtained trademark registration it is valid for the initial period of 10 years and after that, you are required to seek the renewal for it.
Unlike the trademark, the copyright is the IPR that protects the works of authorship and the other artistic or literary creations. With copyright registration comes the exclusive right of publication, distribution, and usage for the author. Copyrights can be sought in respects of works like sounds, music, drama, poems, books etc. Once the copyright is obtained it is valid for the creator's lifetime plus 70 years and after that, any person can use the work in whose respect copyright was sought.
Patent is another of intellectual property right that is granted to the inventor of any work. By obtaining a patent in respect of the invention the inventor can prevent the exploitation of his work by any person. The main motive behind the patent registration is to offer material rewards for material inventions. That, in turn, encourages more innovation and development of human standards. The patent once obtained is usually valid for the time period of 20 years.