Intellectual property rights are defined as those rights that allow intellectual property owners alone to benefit from their inventions. When it comes to an invention, it is essential to adhere to the due procedures regarding patent, copyright or trademark to stop others from seeking, more than anything else, monetary benefits from the invention. Simultaneously, it also gives a competitive edge on the business front.
The whole process of filing for intellectual property rights also involves checking if a similar product has been patented, copyrighted or trademarked internationally as well. As such, it is crucial for all inventors to understand the benefits of intellectual property rights and international trade.
Benefits of filing for IP before embarking on international trade
Inventions are marketed or sold both domestically and internationally. Before releasing an invention, however, intellectual property is required to be filed. Also, it is necessary to know the relation between international trade and intellectual property.
With this knowledge, come the following benefits:
What happens if an IP for inventions isn’t filed internationally?
When a product is popular, both, buyers and sellers try to get their hands on it. But some products are completely out of the budget of most buyers, whereas sellers may not have the funds to enter into franchising agreements or business models with inventors. This gives birth to ideas such as first copies and imitations, through which sellers can create ‘duplicate’ products and buyers can purchase the same by paying a fraction of the cost of the original product.
If IP rights are filed internationally, the inventor can take legal action against such imitators. Copyright infringement isn’t the only thing they are charged with. The inventor can file for monetary damages and stop the imitator from monetarily benefiting from their inventions.
The impact of IPR on global trade cannot be underestimated. One should not make the mistake of assuming that IP protection is universal and that laws and procedures to protect IP are the same worldwide. It is essential to take great care while filing an IP; follow the IP registration process diligently. Don’t miss deadlines and avoid disclosing information about your inventions. File for non-disclosure agreements. Ensure that the IP right and ownership is defined when it is sent out for manufacture and sales.