INTELLECTUAL PROPERTY RIGHTS: A REVIEW

Abstract

Intellectual property (IP) refers to the creations of the human mind like inventions, literary and artistic works, and symbols, names, images and designs used in commerce. There are several compelling reasons for Intellectual Property Protection. First, the progress and well-being of *Corresponding Author Dr. Meenakshi Bharkatiya B.N. Institute of Pharmaceutical Sciences, Udaipur-313001 Rajasthan, India. humanity rests on its capacity for new creations in the areas of technology and culture. Second, the legal protection of these new creations encourages the expenditure of additional resources, which leads to further innovation. Third, the promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life. These rights safeguard creators and other producers of intellectual goods & services by granting them certain time-limited rights to control their use. IP protection is an important determinant of economic growth. It helps entrepreneurs to recover costs of their innovative expenses. There are several types of intellectual property protection like patent, copyright, trademark, etc. Patent is recognition for an invention, which satisfies the criteria of global novelty, non- obviousness, and industrial application. Pharmaceutical industry currently has an evolving of IPR strategy requiring a better focus and approach in the coming era. The present paper discusses about IPR and its present global scenario comparing developing and developed nations specially relating the situation in India.