Future of Intellectual Property in 2021


Introduction

Intellectual property can be said as the property that is the creation of a human mind. These properties are managed by intellectual property laws commonly known as IPR. Intellectual property rights (IPR) can be described as ideas, innovations, and expressions of human mind. These can be artistic works, literary works, technical works, etc. IPR refers to the legal protection that an innovator or inventor enjoys for some years. These rights make it possible for the inventor to reap commercial benefits from his creations. The research and development costs of different products are increasing. IPR is an important legal tool to protect these developments from unlawful use. IPR helps in advancing the economy and promoting healthy competition.

Types of Intellectual Property Rights: -

Due to development in IPR, the term intellectual property covers a wide meaning. There are different types of IPR. Some of the types of IPR are as follows: -

1.Copyright: - It functions through the copyright act. Copyright means the right to copy a specific product of a creator after taking approval from him. It covers expressions of ideas in material form. It includes musical, literary, dramatic, artistic, and many other works. Copyright lasts till the life of the owner and 60 years beyond his death. There is an exception to copyright that is known as the doctrine of fair use. It lets others use the copyrighted content of authors without taking permission in a limited way.

2.Patents: - A patent is given to an inventor that creates inventions. It gives the inventor the power to exclude others to make, sell, import, and other things. It lasts for a period of twenty years. This right is granted for the protection and enabling public disclosure of inventions; and can be granted on products and processes. It is governed by the Indian Patents Acts, 1970.



3.Industrial Designs: - The various objects which people come across recognize things by observing their designs. Products with special designs tend to grab the attention of the customers or people as a whole. These designs can be arts, graphics, etc. these are designed by professionals which are used to make products unique. It is governed by the Design Act, 2000. It usually lasts up to 10 years.

4.Trademarks: -Trademark is a symbol that can be a word, a device, or a label. This symbol is responsible for differentiating a particular product made by a particular company from the other products available in the market. It is governed by trademarks rules, 2007. Trademarks act as an advertisement for the company. It should be small and should be able to grab attention.


These are some of the types of IPR. The other types of IPR are geographical indications, trade secrets and plant varieties. This law is evolving with time for granting better authority to the innovator on his intellectual creation.


What Future Holds For Intellectual Property?

1.According to the nation's IPR policy, in 2016 several new steps would be introduced in near future. Several steps were taken in the past decade that led to the development of these properties. Make in India initiative was launched with the aim of making India a global hub for manufacturing. It was aimed at providing opportunities to the local and global companies to manufacture their products in Indian territorial jurisdictions. This initiative targeted 25 sectors of the economy. Startup India initiative was launched to improve the conditions and make India favorable for startups to flourish. It was a big push for nurturing innovation and startups. Another initiative called Skill India aimed at training millions of Indian population in different skills. It was a great step for the development of the intellectual property.

2.The different steps would be taken in the future to raise awareness about intellectual property and intellectual property rights. This basic measure is a must for the growth of intellectual property. Several steps to raise awareness were taken in the last years. The slogan relating to intellectual property was adopted. One such slogan is Creative India; Innovative India. These steps would include specific promotion campaigns and initiatives. The private sector will also be given the required attention. Several courses would be introduced for the educational institutions to aware and educate students about Intellectual property.

3.Different steps to evaluate the strengths and potentials of Intellectual property. The next step would be to improve the areas where growth can be achieved. Steps would be focused on providing opportunities for producing more and more of these properties. The research in these areas would be encouraged.

4.A strong legal framework would be required for the growth in intellectual property. Steps such as the revision of existing laws would be taken. Laws would be amended for better applicability such as Indian Cinematography Acts, 1952. This would be changed to include several new penal provisions that would stop illegal duplication of films. The ambiguities and inconsistencies between IP laws and other laws would be removed.

5.Several steps would be taken to modernize IPR administration and management. The administration of these laws is being transferred to department for promotion of industry and internal trade. It would be ensured that the public records in IP offices are easily accessible in both online and offline format. Several quality standards would be applied with the aim of increasing the quality of Intellectual property.


Conclusion

There has been a change in the scenario related to intellectual property. The government has been taking steps for the development of IP and the laws related to it. Several initiatives were launched in the last few years for the growth of IP. Several new initiatives would be launched in near future. The inconsistencies in different laws would be removed to foster a better environment for the growth of IP. The focus will be to raise awareness related to these properties and the laws. Growth in IP would lead to the growth of the economy. The number of fillings for the registration of the intellectual property is growing. India has been utilizing every opportunity for development and will continue to do so.


Authored by

Anurag Pandey

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