5 things to know about IPRs and its effects in the world

5 things to know about IPRs and its effects in the world

How does the protection of intellectual property rights affect India and the world?

The world has transformed into a global village, as goods and services move seamless across borders. Companies and organisations are becoming more and more multinational, with production and research centres spread across many countries. What is the impact of globalisation on intellectual property rights, or IPR? Let’s take a look.

International agreements:

Because of the growing importance of IPRs in the current global scenario, there have been international agreements to protect IPR rights. One of the most important agreements was Trade-Related Aspects of Intellectual Property Rights (TRIPs), an agreement between all members of the World Trade Organisation (WTO), which includes India. TRIPs requires members to protect patents and copyrights.

Perspective of the developing world:

One of the more contentious global intellectual property rights issues is the insistence on IPR protection by countries in the West. They feel that it is vital to ensure there is enough incentive for innovation.

Effect of globalisation of intellectual property rights:

Copyright protection impacts the entertainment and music industries.

IPR in India:

Though the level of IPR protection in India is quite limited, it is picking up momentum, especially as international companies consider India as a crucial market for their products and services. Indian companies too will benefit from better protection for patents, as they come up with more innovative products and services. With the signing of the TRIPs agreement, India indicated its willingness to ensure better protection for IPR rights. The Madrid Protocol, which offers trademark protection, also sends a signal about India’s intentions.

Global intellectual property rights issues can be complex. Governments in developing countries have to perform a delicate balancing act between providing better IPR protection and ensuring the interests of its citizens are protected. There are some who argue that the level of development in India is still quite low and innovation restricted, so we will need some time before allowing international companies to patent essential products. On the other hand, there are others who claim that an atmosphere of innovation and research can only be developed with better IPR protection.

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