The Multitopic Blog

Today’s world is encapsulated by the increasing domination of Intellectual Property (IP) in every aspect our life. Even minute details which oftener than naught escape our attention are inextricably connected with IP; for instance, did you know that the design on the toilet paper used by you is patented, or for that matter the ball point pen that you most use, oh yes, and not only that, its ink and its nib are also patented.

Globalization is fast eluding national borders and dissolving territorial lines. Where some time back governments used to be zealous about protecting their patent regimes citing one or the other reason, they are now all coming in line to the world standard. World Intellectual Property Organization or WIPO sets these standards and all the signatories to the WTO treaty are obliged to conform to these guidelines by suitably amending their national laws.  

The complexities of Intellectual Property law forces policy makers to constantly review the law. Intellectual property is an intangible form of wealth. It cannot be felt physically i.e. by the five senses. Anything which is a result of the creative process falls under this umbrella term, whether it is books, software, business methods, various other types of inventions etc. The reason that Intellectual Properties have attained so much importance is attributed to globalization. For starters, American products had to be sold abroad as no more revenue could be generated from an already saturated market.

The aim of intellectual property law is to protect inventions, reward inventors and foster creativity and the generation of new knowledge. Trademarks, copyrights and patents are the three weapons of intellectual property law. To some extent trade-secrets also serve a purpose. An inventor, due to the presence of these protectory mechanisms is safe in the knowledge that if he releases his invention in the open market his invention shall not be stolen from him and he has the right to make any reasonable profit from it for a certain period of time. The socio-economic conditions of a country also foster research. As long as an inventor knows that he will obtain monetary profit for his work and that no one can steal it off him he will be encouraged to work further in that field and develop it. 

Trademark law protects the identifying characteristics of a commodity and prevents shoddy imitations from capitalizing on its popularity. Copyright law on the other hand protects a work in the holistic sense in that no part of it may be copied either in full or in part. Patent law gives an inventor the right to approach the market with his good and sell it for a profit for a fixed number of years before it passes on into the public domain. Trade secret such as the formulae of Coca Cola and Pepsi aid these corporations to sell the final products in the market without disclosing the ingredients of it.

The marriage of science and law is envisaged by farsighted policymakers. The need to foster growth in science ad technology with law as a mechanism for that has led to the witnessing of before unheard drastic changes and in some cases a total overhaul of several patent regimes.

It is often argued that IP law is crippling the general economic condition. This argument is false as there already are adequate proetction measures such as compulsary licencing in place. IP law as a whole is beneficial as it fosters invention by protecting it from the clutches of opportunists. Protection conveyed inspires confidence in a given regime and encourages discovery. This indeed is the goal of IP laws.