The need and rationale to have IPRs   Leave a comment

IPRs have very strong tie up with trade and commerce both in the domestic and international contexts. IPR stand you in good stead in the face of competition through exclusive rights in terms of patents copyrights, designs, trademarks or combination of these rights. IPR can also be used to obtain loans, license your IP to others, enter into joint ventures, find business partners and consolidate research and development to create new IP. As a result, the R&D becomes more focussed and directed towards creating IP having practical utility. It must be remembered that every IP generated may not be successful in the market because the success depends on many other factors as well. However, if all other factors are the same, IPR will certainly provide a distinct advantage and lead over other products. It is reported that to introduce a new drug into the market a company may work on many molecules say, few thousands, before arriving at one which may succeed in the market. It may take about 12-15 years to introduce a new drug in the market and cost the company about Rs. 2000- 5000 crores. Therefore, it can be seen that the journey from invention to a successful product is long and may require substantial funds.

The process of invention starts with identifying a problem quite accurately and precisely.   An extensive research may be needed to find out alternative solutions which are really new and non-obvious by studying literature and products available in the market. The solutions cannot be in terms of ideas alone but, a practical way of implementing the ideas must be evolved. Do remember that an invention has to be globally new for grant of a patent along with traits of non-obviousness and utility. After determining novelty, non-obviousness and utility of the invention, an application has to be submitted to the Patent Office along with the description of the invention for the grant of a patent for the invention. As mentioned, IPR are awarded by the government and as an inventor one has to request the government (Central). Prescribed fee has to be paid for obtaining IPR and often it may be advisable to take the help of a patent attorney (lawyer) for this purpose.

© R Saha

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Posted October 4, 2011 by R Saha in Learn IPR

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