Intellectual Property Rights: Part-I’ Patents: A Bird’s Eye View Analysis
Author (s): Ashutosh Mohapatra1*, Subhankari Mishra2
The term intellectual property is generally used for different types the intellectual creations i.e., creations of human mind. The most important feature of intellectual property is that the owner of this creation has the freedom to use it as he or she wishes, without violation of laws and also he can prevent others from using it without his prior permission. The inventor gets some exclusive rights over the property i.e. his invention which is a result of his intellect. The basic objective of all the protections of intellectual property to allow creators of intellectual property to generate financial rewards by exercise of their rights. The intellectual property is dealt with under the following headings viz: copyright, patents, industrial designs, trademark, unfair competition, trade secrets etc. Patent is the most hyped intellectual property and is exploited the most globally. Patenting an invention not only ensures economic benefit to the inventor but also encourages further research work pertaining to the field. Governments also emphasizing on the research whose outcomes are patentable. To produce income the owners of the right must exploit them financially by commercial agreements thus converting them into intellectual capital. Unfortunately the generation of intellectual capital is still not satisfactory because many inventors are still ignorant about how to use their owned right to their advantage. To obtain patent right in multiple countries the Patent cooperation treaty is used which has 152 countries as members.
Keywords: Intellectual Property, Intellectual Property Rights, Inventions, Patents, Patentability, Non patentable items, patent application and grant, PCT.