DEVELOPMENT ADDRESSED IN THE CONTEXT OF THE INTERNATIONAL CONFERENCE ON IP AND DEVELOPMENT 2019
- Lalbee S
- Sep 30, 2023
- 6 min read
Written by S. Lalbee, Law Student
INTRODUCTION:
Intellectual property (IP) is a category of intangible assets created by the human intellect and protected by the law. (IP) is an immaterial good produced by the human mind. To put it simply, IP is an intellectual invention that includes patents, trademarks, copyrights, trade secrets, industrial designs, geographical indications, and plant variety rights, therefore, these are the most well-known IPs. Therefore, Intellectual property (IP) is an immaterial good produced by the human mind. The inventor is granted legal rights known as intellectual property rights (IPRs). To guarantee that ideas are safeguarded and commercialized, governments worldwide have passed laws and regulations. The objective is to safeguard original ideas and works from rivals who simply duplicate them while also encouraging individuals to invest in new ideas and innovations. Intellectual property rights are essential to a country's development. As such, intellectual property is the single most important instrument for enabling the market for ideas. IP commercialization turns a concept or invention into a monetary-valued item or service. The most common method for monetizing creativity is selling such a good or service. IPRs are quite important in these situations. It stops rivals from unlawfully using protected characteristics.
Moreover, hundreds of member state delegates, observers, and other participants from around the world gathered at WIPO for a high-level discussion on how to use the intellectual property system to promote economic, cultural, and social development in developing countries during the International Conference on Intellectual Property and Development. This conference brought together specialists from all over the world to discuss various elements of Intellectual Property (IP).
INTELLECTUAL PROPERTY AND TECHNOLOGY TRANSFER: -
IP serves as an important tool in the field of research and development. It encourages people to come up with new ideas and develop them into innovations. Their innovations are protected through this tool, i.e.; Intellectual Property Rights. Therefore, it assures ownership over the findings of the people and grants them the power to stand out in the market and have full rights to brand-new ideas or methods. Understanding how intellectual property aids technology transfer is the first step toward properly managing the technology transfers effectively.
ROLE OF INTELLECTUAL PROPERTY IN TECHNOLOGY TRANSFER: -
Because of the ever-increasing degree of competitive intensity, technology has emerged as one of the fundamental driving forces for huge corporations and new-age startups, as well as a significant enabler for the majority of industries. Technological advancements shape the global economic environment and catalyze knowledge production, dissemination, and economic progress. Rapid technological breakthroughs have reshaped how businesses function and do business across industries. Technology has grown valuable in this digital era and is likely to be duplicated by possible infringers, diminishing the inventor's incentive to engage in such activities. Furthermore, imitators have a cost advantage over inventors unless the innovator controls access to their idea via IPR. Sufficient and effective IPR protection aids developing nations in their growth and technology transfer, gaining advantages for innovation and generating profits on research and development.
TECHNOLOGY TRANSFER:
Technology transfer (TT) is a collaborative process that allows intellectual property, scientific discoveries, and information to be transferred from producers such as universities and research organizations to users in the public and private sectors. Its goal is to generate new commodities and services that benefit society as a result of scientific discoveries. Knowledge transfer and technology transfer are inextricably linked.
TECHNOLOGY TRANSFER WITHIN THE INNOVATION ECOSYSTEM:
Universities and research institutions must operate within an efficient innovation ecosystem, which consists of a network of governmental, industrial, and research institutions, as well as supporting factors (such as human capital, technology transfer procedures, and business and market sophistication). Participants in such an ecosystem pool their resources and knowledge to develop collaboratively for the benefit of local and regional growth.
INNOVATION AND COMMERCIALIZATION:
While innovation is concerned with the marketing of new ideas, invention is not always immediately tied to commercialization. The act of invention is the development of a novel notion to answer a specific technological problem. Innovation can be considered as an interaction and feedback process that occurs across the various stages of product development. Although invention is not always directly related to commercialization, innovation is concerned with the marketing of new ideas. The act of invention is the creation of a fresh concept intended to address a particular technological issue. Innovation may be viewed as an engagement and feedback process that takes place across the many phases of product development. Not all innovations lead to innovation since not all inventions are commercialized. Many innovative ideas are developed, but most die a lonely death, never seeing the light of commercial success. Trade secrets, utility models/petty patents, and patents are pertinent for safeguarding, controlling, using, and monetizing ideas, just as they are for inventions. According to economic surveys, patents are the most popular IP property sought after for the protection of technical inventions. This appears to be evidence of the phrases "innovation" and "invention" being used interchangeably. For instance, one of the key indications for assessing an organization's level of innovation is the number of patents it has, and patents are used as a gauge of innovation output. Although such an approach is helpful, it does not consider how the IP system as a whole contributes to the successful launch of novel items on the market.
IP COMMERCIALIZATION AND TECHNOLOGY TRANSFER:
Most technological advances are improvements that improve a product over its predecessor; relatively few are new products. By producing a new or superior product, a corporation may join the market without experiencing any competition. Using the IP system, a company may gain and sustain a competitive advantage. A daring invention is more likely to win a company a durable competitive edge than a simple improvement. In the case of an upgrade, competitors for the product's class already exist, and the enhancement is also much easier to grasp and replicate. Regardless of how IP strategy evolves depending on the type of innovation, it remains a valuable tool. Making the best use of the system will be made possible by businesses who consult IP specialists.
A person or business with a patent has the legal authority to bar others from producing, offering for sale, retailing, or importing that technology. This gives innovators the chance to market, exchange, or license their patented inventions to other parties who might be interested in using them. National IP laws specify the requirements that must be met to receive a patent; these requirements might vary from one nation to another. But typically, to get a patent, an inventor must show that their technique is innovative, beneficial, and not immediately apparent to someone working in a similar sector. They must explain the operation and capabilities of their technology to do this. A patent may be held for up to 20 years, but to maintain the patent's validity, the owner often must make annual payments. In practice, this implies that if a patent holder determines that a technology has no financial potential, they may opt to surrender the patent, at which time the invention enters the public domain and is available for use without restriction.
OUTSOURCING AND TECHNOLOGY:
Outsourcing plays an important role in the field of Intellectual Property Rights and technology. Innovative technology usually needs technological development and resources that are not available in-house. When employing third-party-controlled external technical resources and facilities, ownership of the intellectual property (IP) rights on the underlying technology ensures that these rights are retained. Before starting any joint venture or outsourcing, IP ownership should be clearly stated, and any concerns about the resultant IP should be addressed to avoid future disagreements.
CONCLUSION:
In conclusion, with the advent of globalization and advances in digital technology, the world has genuinely shrunk in size, forcing a rise in the demand for security. It is just as important to establish an IP asset as it is to safeguard its ownership, management, and commercialization. It is high time for corporations to recognize the value of these rights and put them to use. Further, the Indian government grants rights known as intellectual property rights. Intellectual activity in the fields of business, science, literature, and the arts is covered by intellectual property. These rights provide other producers and those who create intellectual property the ability to control the utilization of their work for a set period. The exclusive right to commercialize the inventor's inventions and innovations is often granted for a certain period.
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