IMPORTANCE OF IPR
a) Give the inventors exclusive rights of dealing.
b) Permit avoiding of competitors and increase entry barriers.
c) Allow entry to a technical market
d) Generate steady income by issuing license.
e) A registered intellectual property right is property, just like your capital assets. However, it is an asset that can be leveraged through licensing and can therefore be highly valuable. It can also greatly enhance the value of a business when it is sold.
f)Benefits the economy
Sectors that rely on IPR represent a significant part of developed and developing economies, in terms of GDP, employment, tax revenues and strategic importance. IPR also promotes foreign direct investment (FDI) and technology transfers in developed and developing countries.
Effective IPR increases funding for research and development and other innovation, including by helping firms realize more value from innovations that are protected by IPR than those that are not. IPR underpins development of cultural expression and diversity, and promotes broader dissemination of innovations through publication and licensing.
h) “Open source” relies on IPR
Open source mechanisms are becoming popular in certain sectors such as software (cf. GPL licences, etc.). While the common perception is that such mechanisms are characterized by the absence of any IP protection, it is worth noting that a typical GPL (General Public) licence actually relies on IP rights as it is typically a copyright license which remains valid as long as certain conditions are complied with (e.g. freedoms received by the licensee must be passed on to subsequent users, even where the software is modified).
i) Providing guarantees regarding the quality and safety of products
Many counterfeit products place our children’s and citizens’ safety or health at risk, for instance where vehicle spare parts or drugs are concerned. Enforcing IP rights in respect of such products guarantees at least that the products’ origin is known and that the products are genuine, whereas counterfeit products often do not comply with the applicable safety standards. This is especially true for trade marks, but patent licensing contracts, for instance, may also include quality insurance clauses.
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