IPR is a significant tool in today's era. The risk of an innovation getting infringed without the knowledge of the inventor stands very high. With the increase in the importance of IP, instances of IP crimes have become the part and parcel of the digitized era sometimes even leading to failure of businesses. Companies rely on adequate protection of their patents, trademarks, and copyrights, while customers make use of IP to ensure that they purchase secure, assured goods. An IP asset is like any other physical property offering commercial benefits to businesses. In a web-based world, IP protection is much more relevant as it is comparatively simpler than ever to reproduce any specific template, logo, or functionality. Hence, strong IP laws give protection to IP and contribute to the economy of the respective state. IPR is one of the sources of security for intangible properties which are still open to the public and which can be quickly replicated by anyone.

  • Patent– A patent is used to prohibit the use or selling by another party, for a defined period of time, of original production. In brief, a sovereign authority awards the inventor the IP right after an examination of its viability.
  • Copyright – It is the right that protects a tangible form of expression like book, painting etc. It protects the mannerism in which the idea is expressed.
  • Trademark - It refers to the protection of logo or design that an individual or company uses. The distinguished logo or design helps the customers to connect with the brand value and thereby ensure trust on the goods and services.

The benefits of IP Rights in current times

  • Innovative idea is a means to earn profit – Ideas have little to no worth on their own. IP has great untapped potential to turn innovations into products and services which are commercially viable. The registering of copyright and patent will result in a constant stream of fee and increased income that will boost the overall market result.
  • Export Business Opportunities – The productivity of a company in the export market is also improved by intellectual property. An IP right holder may use these logos or designs to sell products and services in foreign countries and may obtain a franchise arrangement with the overseas corporation or export the proprietary products.
  • Encourage the ideas by securing them -There will still be people who will attempt to duplicate a unique idea or concept or development for monetary benefit. It is therefore, necessary to protect the IP properties from unlawful infringement from a third party. For all forms and sizes of companies, IP security may be implemented. Thus, after evaluating the market needs and situations, a person should determine which Intellectual Property Rights (trademark, copyright or patent registration) should be used to cover various areas of its IP.
  • Business Growth – For ensuring growth and profit, it is important for enterprises, more so in case of small-scale businesses to shield their exclusive goods or services from the rivals who may snatch away their market share. Losing market share in the initial phases of business cycle can be dangerous in the long run to an enterprise's health.


Political leaders around the world have formed proposals to expand access to IP rights pertaining to COVID-19. For e.g., the EU is considering buying COVID-19 related rights to set up a pool or fund of publicly owned patents. This is an important step in the IP sector and it is an extraordinary attempt by policymakers to ensure that the battle against the pandemic is not obstructed by patents. Several countries are now considering a compulsory license scheme whereby governments permit a third party to perform or use a certain procedure without the patent owner's consent.

Strong and Enforced Intellectual Property Rights Protect Consumers and Families

  • Strong IP rights help consumers make an educated choice about the safety, reliability, and effectiveness of their purchases.
  • Enforced IP rights ensure products are authentic, and of the high-quality that consumers recognize and expect.
  • IP rights foster confidence and ease of mind that consumers demand, and markets rely on.

It is imperative to note that it is the sole responsibility of the proprietor to protect his intellectual property from infringement by any person or party, as no one else will make an effort to inform that your IP rights are violated by someone.

In view of the above, it can be concluded that IP Protection is indispensable, and all countries must have strong laws for protecting Intellectual Property Rights. It is high time for all nations to duly recognize the IP rights of their native individuals and companies.

In order to finally improve the structure of IP laws in international trade and to ensure the long-term social and economic development of society, countries need to strike a perfect balance on how to secure the Intellectual Property Rights of individual or companies. The laws should neither be too strict nor should they be too lenient

Originally Published 21 July 2021

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.