The U.S. Chambers of Commerce released the International Intellectual Property (IP) Index 2023, in which India was ranked 42nd out of 55 leading global economies.
GS III: Indian Economy
Dimensions of the Article:
- What is International IP Index?
- About Intellectual Property Right
What is International IP Index?
- The International IP Index is a tool created by the U.S. Chambers of Commerce to evaluate the effectiveness of the Intellectual Property (IP) framework in each economy across 50 indicators.
- The indicators provide a comprehensive overview of the IP ecosystem in an economy and cover nine categories of protection, including Patents, Copyrights, Trademarks, Design Rights, Trade Secrets, Commercialization of IP Assets, Enforcement, Systemic Efficiency, Membership, and Ratification of International Treaties.
- The Index is widely used by industry and helps identify economies with the most effective IP systems.
- The U.S. topped the Index, followed by the United Kingdom and France.
About Intellectual Property Right
- Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
- Intellectual property right (IPR) is the right given to persons over the creations of their minds: inventions, literary and artistic works, and symbols, names and images used in commerce.
- They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.
- These rights are outlined in Article 27 of the Universal Declaration of Human Rights, which provides for the right to benefit from the protection of moral and material interests resulting from authorship of scientific, literary or artistic productions.
- IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create.
- By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
Where was intellectual property first recognized?
- The importance of intellectual property was first recognized in the Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886).
- Both treaties are administered by the World Intellectual Property Organization (WIPO).
How are intellectual property rights classified?
Intellectual property rights can be divided into two main sections:
Copyright and rights related to copyright:
- The rights of authors of literary and artistic works are protected by copyright.
- These works are books and other writings, paintings, sculptures.
- Even computer programs, films and music are included.
- It is valid for a minimum period of 50 years after the death of the author.
Industrial property: It can be divided into 2 main sections-
Related to signs- trademarks and geographical indications.
- A trademark is a symbol, phrase, or insignia that is recognizable and represents a product that legally separates it from other products.
- A trademark is exclusively assigned to a company, meaning the company owns the trademark so that no others may use or copy it. A trademark is often associated with a company’s brand.
- Geographical Indications (GIs) recognize a good as originating in a place.
- Some specific characteristics of the good is related to its geographical origin.
- The protection may last indefinitely.
- The only point is that the sign-in question should continue to be unique and distinctive.
Industrial designs and trade secrets-
- Some types of industrial property are protected primarily for innovation and design.
- Also, protection of particular technology should be also included.
- Inventions (protected by patents), industrial designs and trade secrets are essential examples of this category.
- A trade secret is a company’s process or practice that is not public information, which provides an economic benefit or advantage to the company or holder of the trade secret.
- Trade secrets must be actively protected by the company and are typically the result of a company’s research and development.
-Source: The Hindu