Advantages And Disadvantages Of Intellectual Property

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Intellectual property has assumed central importance throughout the world in the recent past. Intellectual property is the creative work of human intellect. The main motivation of its protection is to encourage and reward creativity. The prosperity received by developed nations is the result of exploitation of their intellectual property. Intellectual property relates to pieces of information which can be incorporated in tangible objects at the same time in an unlimited number of copies at different locations anywhere in the world. There is no one particular form of intellectual property but different forms such as patents, copyrights, designs, geographical Indications etc. 1.2 NATURE Intellectual property often known as IP refers to creations…show more content…
Business including economics and management: Intellectual property helps the organization to protect proprietary knowledge, which is helpful for business success. It is also essential to respect the Intellectual Property Rights of others. The rights since excludes others to practice the knowledge, the knowledge of Intellectual Property Rights of others is essential for the freedom to operate for the protected right. Intellectual property plays an important role in the development of industry, business, creative areas or art. A preliminary knowledge of Intellectual Property Office and its various forms is necessary for all those involved in any business or industrial or technological domain. 1.3 ADVANTAGES OF IPR AND ITS INTAGIBILITY 1. Market exclusivity: Intellectual Property Rights are negative legal rights. These rights exclude others from the right, thus providing the market exclusivity to the right holder. 2. Differentiation of the products: Intellectual property creates the distinction of the product from other products. Product differentiation in turn helps in capturing the bigger market size. 3. Brand values: The brand has a unique advantage of sentiments of the consumers. The consumers stick to their brands for status or the quality of the product. 4. Enhance product line: Intellectual property helps enhancing the product lines through further research and the

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