Importance of IPRs under the TRIPS: India’s Need for It
Volume III, Issue III, 2020
It may not be an age-old idea to protect IPRs as it exists today, but the very idea of it is quite old. Furthermore, the definition of IP at its simplest implies that ideas and information can be divided into separable and transferable recognizable properties that have identical properties to material property. The term period for an IP right is always limited and the IPR of a particular thing or idea becomes public once the State-protected term has passed. So the benefit from an IPR flows back to the common man in this regard, and it becomes a public property. As May (2010 ) argues, one of its main distinguishing features is this transfer of intellectual property to the public domain. Apart from substrate material, which is usually owned in perpetuity (although real property may, of course, pass between individuals and generations), intellectual property only exists in a temporary sense as property. India set up a patent system which sought to balance the need for interest of the public with encouraging innovation. India’s march toward innovation super power status in the rising globalized scenario depends on technical advancements with increasing innovations and full proof defense of IP rights to make the country the world’s best destination for FDI ever.