Author: Jyoti Chaudhary
1) What is Intellectual Property law?
2) Why Study Intellectual Property and Competition Law? :
3) What does a career in Intellectual Property Law involve? :
What is Intellectual Property law?:
Human Being is blessed with an intellectual and creative mind. The creation of a mind is known as Intellectual Property. Machines manufacture products. Design of machines and products created by the human mind are covered under Intellectual Property Right rather sometimes finished product being a tangible asset is also considered as Intellectual Property. This is a reward to the creator for bringing unique creations and dedicating time and effort to that. Intellectual Property is protected in law by, for example, patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. Examples of intellectual property are inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.
Broadly speaking, Intellectual Property Law is the legal protection of creative property ownership. However, the term does in fact cover several different areas of creativity with commercial value - such as artistic works, patents, industrial processes, and the related forms of protection, whether they’re trademarks, trade secrets, copyright, patents, or licensing.
The term Intellectual Property covers both the tangible end products resulting from an idea, and the intangible ideas themselves. For example a canvass painting is protected under intellectual property rights. Ultimately, the goal of IP is to protect such properties from misuse or theft, and to protect the owners of those rights from financial loss. However, such properties are bought, sold, leased to other party this interesting legal field may also involve the buying and selling, or sometimes even leasing, of Intellectual Property Rights to other parties.
Duplication or infringement is one of the important issues on which an Intellectual Property lawyer works. A lawyer working in the field of IP often need to specialize in one or two particular areas in order to handle them effectively; areas such as copyright or trademarking may overlap, whilst patent law often requires greater specialization.
Why Study Intellectual Property and Competition Law? :
With the growing scenario of science, technology and research works the issues regarding protection of Intellectual Property Rights is increasing. As matters relating to intellectual property play an important role in the fields of science, technology, business and the arts, the need for expertise in intellectual property issues steadily increases. One has to come across the multifaceted and fascinating nature of IP during the training process of higher education no matter what profession or educational training is being attended.
At first glance the various areas of the IP and the Competition Law appear to be independent of each other, whereas, in daily practice, especially when dealing with multinational clients, it quickly becomes apparent that they are highly interconnected. In past such knowledge was distributed among different department within a company or various experts within. But in modern era multi talking professionals are in demand. The complexity of modern IP transactions now demands that each person involved on a project or case possess well-rounded knowledge of IP related issues. This know-how improves the internal processes of communication, the impression and goodwill of the business and, last but not least, the finished "product".
Scope of IP professionals are booming because of endless changes, disruptions and innovations a strong protector of Intellectual Properties are highly in demand. IP rights can develop into their own revenue stream in short run or long run. Because of this potential it has become crucially important to ensure that IP rights are protected. They can also be sold to other players or licensed to third parties, or they can simply be utilized to set your business apart from its competitors.
Consequently, for an innovative business or research centers, the IP rights become some of its most valuable assets. And in a broader business sense, without IP rights in place, innovation could be stifled across entire industries. This should be noted that some types of IP rights are automatically protected, but some are not. That’s why a deeper understanding of IP laws is such a powerful asset in today’s business environment. So this makes sense that business professionals, managers and entrepreneurs have considered studying Intellectual Property Law as part of Masters of Business Law. Many professional institutes have included this Law in curriculum of business studies. Intellectual property types are broad and varied, from patents to copyrights and from registered designs to trademarks. In many cases, it is not advisable (and in some cases not even possible) to commercialize an idea without solid IP protection.
What does a career in Intellectual Property Law involve? :
The career in Intellectual Property Law involve consultancy, registration of Intellectual Property especially when it is compulsory, protecting the rights from infringement, resolving disputes regarding infringement etc. Trademark secret is also very important branch of IPR professionals. In the case of disputes, an IP lawyer will initiate discussions between the involved parties, and challenge any rulings which may work against the client’s interest. Typically roles in this area require some technical savvy to support the creative projects, alongside legal drafting experience and contract knowledge. Intellectual Property litigation is seeing a huge rise in demand, due to a surge of technology, the subsequent flood of media, and an increased ability to share information and piracy.
Hence, it can be concluded that the Intellectual Property Law is an important legal area which finds itself growing in importance on continuous basis. The scope of ambitious intellectual property professionals is vast and versatile. However, to understand the issues one should have adequate technical, commercial and scientific knowledge.