NEED AND ADVANTAGES OF IPR



Intellectual property rights play an important role in a nation's commerce in the modern world. In this digital age, there is a greater chance of new ideas being taken without the author's permission. The need for strict intellectual property legislation contributes to the overall economy of the respective state. IPR is one of the main sources of security for intangible properties which are still open to the public and which can be quickly replicated by anyone. IP crimes have become the part and parcel of the digitised era leading to failure of business. Intellectual property rights are important for encouraging creativity. Without intellectual property rights, companies and people would not enjoy the full value of their innovations and would devote little time to research and development.
ADVANTAGES OF IPR-
(I) Innovative and creative ideas to maximize benefits-
                                                                                                Ideas have little or no intrinsic value. IP has enormous untapped potential for transforming the technologies into commercially competitive goods and services. Copyright and patent registration will result in a steady stream of fees and increased revenue, which will improve the overall business result.
(II) Global business opportunities-
                                                              Intellectual property improves a company's efficiency in the export market. An IP right holder can use these logos or designs to market goods and services in foreign countries, as well as to enter into a franchise agreement with an overseas company or export patented products.
(III) Protection of the uniqueness and individuality of an idea-
                                                                                           If someone has a new idea or creation, there will still be people who will want to replicate it for monetary gain. It is therefore important to safeguard intellectual property rights before they are infringed upon by a third party. IP encryption can be applied in all types and sizes of businesses.
(IV) Corporate growth and stability-
                                                                  Protecting their proprietary products or services, which competitors would use to steal market share, resulting in consistent growth and earnings, is critical for small scale enterprises. Losing a sector's market share at the outset can be hazardous to the corporate wellbeing in the long term.
 A common man's life is inextricably linked with papers and goods that are covered by law as human property. The copying, reproduction, deletion, and unlawful duplication of these items without the owner's permission is a serious offence. As a result, understanding of intellectual property rights is required for the average person.


Piyush sinha

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