Intellectual Property Rights are those rights which are given to people for their creations and thoughts in their mind. They usually give the creator a right over the use of his/her creation. It is given for a particular period of time. The main purpose of Intellectual Property Rights is that it encourages new creations, which includes network, technology, artistic works, etc. It creates new jobs and inventions which enable the world to evolve more faster. Intellectual Property Rights creates and supports high payment of jobs.
There are basically four types of intellectual property rights, patents, trademarks, copyrights and trade secrets. Each of these will be explained in brief:
Patents- Patents are an intellectual property rights which is used for the prevention of any invention being created, sold or used by any other party. A patent owner has all the rights to commercialize his/her patent which would include buying, selling or even granting a license to the third party under the terms of the agreement. There are three different types of patents: Utility, Design and Plant. Example: Pen with scanner, any life saving drugs.
Utility- A utility is a type of patent which protects the creation or improvement of a product or a service or a process or of a machine. An example of utility would be method for a driver assitance system with serial no. UAS15335#
Design- A design refers to the special attributes of any product. It may be the color, shape, configuration or composition of lines applied to any product which can either be two-dimensional or three dimensional, by any industrial means, which can either be manual, chemical, mechanical, separated or combined, which does not include any trademark or autistic work
Trade secrets- Trade secrets refer to the secrets of the business. These secrets can be formulae, strategies or any other information which is vital and should be kept confidential. These are not meant for any commercial purposes. This type of intellectual property provides a gain or a competitive advantage over others.
Trademarks- Trademarks refers to a distinctive type of an intellectual property which helps customers identify a brand name and help them in differentiating brands from that of it’s competitors. A trademark can be a sign, symbol, text, phrase, sound or even smell. They refer to a set or class of products and services offered. Examples of trademarks include Mc Donald’s, Apple, BMW, etc.
Copyrights- Copyrights has nothing to do with innovative ideas or creations or inventions. It’s main aim is to protect the tangible form of creations or any other original works. Only the copyright owners have the exclusive right to sell, publish or to re-introduce that particular copyright. Examples include any computer software such as an operating system of Apple or Microsoft Windows, any novel or a film.
These are the intellectual property rights. They provide maximum amount of protection if used wisely. They will help in value creation and enable world changing technology to be developed, protected and monetized. Each of these intellectual property rights have their own value which cannot be measured but is immense and vital for their existence. It creates trust amongst consumers.
Infringement of any of these rights will result in severe punishments as these are considered to be crime in law.