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Here's Why It's Important to Protect Your IP Rights
By Daniel Dum on January 09, 2020 0
Intellectual Property Rights are legal rights governing the use of creations of the human mind. Patents, designs and trademarks are considered as industrial property. As per International Convention for the protection of industrial (Paris Convention) the protection of industrial property has as its object patents, utility models, industrial designs, trademarks, service marks, trade names, indications of source or appellations or origin and the repression of unfair competition when copyrights, Geographical indicators, layout Designs and confidential information were included to industrial property, they all become intellectual property.
However, all jargon aside, intellectual property is at the heart of your business. This is true for just about any business, but particularly so for bioscience and other technology companies that may spend years and untold millions of dollars on research to develop the next breakthrough drug, device or computer program. For these companies, the intellectual property that they create-and subsequently patent-is their main source of revenue. That revenue stream must be protected at all costs from competitors and IP thieves that could undercut your profits and demographic.
Besides, your business' goodwill depends on your intellectual property. Trademarks function by serving as source identifiers to consumers, so you want to ensure that your brand and the trademark that appears on your products is backed by the quality and control that made it popular with consumers in the first place. This positive rapport with one's consumer bases is known as goodwill, which can take a long time to build indeed. Loss of goodwill can be fatal to a trademark-and a business.
These eights also represent an investment with an expected return. Therefore turning an invention into a marketable product and potential source of steady income is a crucial stage in the innovation process and IP rights help businesses to protect and prevent their market shares.
IP value depends on how well it is utilised. Adopting a systematic understood approach for the effective commercialisation of an innovation reduces the risks and maximizes the chance (insurance) that investment will generate a good return. Furthermore, IP rights have a value per se and can be directly sold or "rented" through licensing to other businesses or professionals.
Therefore, intellectual property is one of the unsung heroes of business and should be protected and valued. Many infringers and counterfeiters will seek to quickly establish how serious their potential victims are in protecting their rights. By enforcing its rights in a persistent and relentless manner, a company increases its chances that a putative competitor, infringer or counterfeiter will decide to look for an easier target elsewhere. In many situations the possession of IP rights and the threat of court action may be sufficient to deter infringers, or even place a company in a competitively advantageous position.
This is where capable legal advisors step in, considering the importance of wholesomely security your intellectual property rights. The stakes are high and could translate into an existential situation, if not handled with utmost professionalism and expertise.
In India, several law firms offer assistance in securing intellectual property rights, aiming to provide assistance with parent, trademark and copyright registration and prosecution, enforcement and anti-piracy proceedings, IP licensing, franchising, IP protection agreements, and regulatory litigations and appeals. A pan India presence of any such firm of course helps immensely in securing these rights, considering the fact that the world is growing smaller with technological innovation.
IndiaLaw LLP is a leading law firm across India, which provides a one stop legal service in Mumbai, Delhi Chennai, Kolkata, Bengaluru, Hyderabad, Cochin, Ahmedabad and Pune. For more details click the following links Intellectual Property Rights Law Firm in India, Insolvency and Bankruptcy Law Firm in India.
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Daniel Dum has published 20 post. Article submitted on January 09, 2020 . Word count: 556
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