Intellectual Property Rights

Intellectual property rights are the rights given to each and every person for the creation of new things according to their minds. IPR usually give the creator a complete right over the use of his/her creation for a certain period of time. 

Intellectual property rights are the legal rights that cover the benefits given to individuals who are the owners and inventors of work and have created something unique with their intellectual creativity or capability. Every person related to areas such as literature, music, invention, etc., can be granted such rights, which can then be used in their business practices by them. 

The creator/inventor gets complete rights against any misuse or use of work without his/her prior information. However, the rights are issued for a limited period of time to maintain equilibrium.

What are Intellectual Properties?

1. Industrial designs
2. Scientific discoveries
3. Protection against unfair competition
4. Literary, artistic, and scientific works
5. Inventions in all fields of human endeavor
6. Trademarks, service marks, commercial names, and designations

Types of Intellectual Property Rights:

Intellectual Property Rights can be classified into four types: 

1. Copyright: Copyright is a term that describes ownership or control of the rights to the use and distribution of certain works of creative expression, including books, videos, movies, music, and computer programs.
2. Patent: A patent gives its owner the right to exclude others from making, using, selling, and importing an invention for a limited period of time. The patent rights are granted in exchange for enabling public disclosure of the invention.
3. Trademark: A Trademark is a Graphical representation that is used to distinguish the goods and services of one party from those of others. A Trademark may consist of a letter, number, word, phrase, logo, graphic, shape, smell, sound, or combination of these things.
4. Trade Secrets: Trade secret describes about the general formula of any product and the key behind any organization’s progress. It also includes various firms’ different secret formulas for the same products which differ in quality.

Advantages of Intellectual Property Rights:

The advantages of intellectual property rights are as follows:

• IPR yields exclusive rights to the creators or inventors.
• It encourages individuals to distribute and share information and data instead of keeping it confidential.
• It provides legal defense and offers the creators the incentive of their work.
• It helps in social and financial development.
• It inspires people to create new things without fear of intellectual theft.