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Intellectual Property Rights: Problems and Prospects

 

Almost all fields of human activities in today’s competitive world is influenced by intellectual property rights (IPR). The laws related to IPRs are based on concepts like novelty, inventive step, originality, distinctiveness etc. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) included IPR’s in the trade agenda. The logic behind the legal protection to IPRs is that one’s intellect is exclusively his own and that a person has the right to own the ‘products’ of his intellect.

 

IP laws regulate the use and exploitation of intellect, prevent third parties from unjust enrichment, safeguard artistic creations, and encourage investments in research and development activities. It is fact that IPRs offer the consumers with variety of creations and inventions, encourages monopoly etc. moreover the technological, economic, social and cultural advancement of a nation depends on the protection given to IPRs and those who have the potential to transform their knowledge into wealth only can succeed.

 

At the same time, there are several criticisms leveled against IPR protections, insufficiency of proper and uniform policies regarding IPRs, lack of awareness of IPRs, which adversely affect the life and livelihood of poor people in developing countries by denial of access to medicines and other natural substances. There are issues related to traditional knowledge, bio diversity, fair use, rights of indigenous people, public right v. private right, lack of uniform policy in IPRs etc.

 

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