The 21st century belongs to the entrepreneurs and they have no time to waste in creating intellectual property strategy. Which need to be protected and channelized for better use in future.
IP is a field that helps to the creators to protect their ideas and concepts through copyrights, trademarks, and patents. As we know that it is easy for others to steal or copy your ideas very easily that can end up washing away your path to success.
Finance Minister of India, Arun Jaitley released India’s National Intellectual Property Rights (IPR) Policy recently. The Policy which is in compliance with WTO’s (World Trade Organization) agreement on TRIPS (Trade Related aspects of IPRs), aims to sustain entrepreneurship and boost Prime Minister Narendra Modi’s pet scheme ‘Make in India.’
Here are the highlights:
- The Policy aims to push IPRs as a marketable financial asset, promote innovation and entrepreneurship, while protecting public interest.
- The plan will be reviewed every five years in consultation with stakeholders.
- In order to have strong and effective IPR laws, steps would be taken — including review of existing IP laws — to update and improve them or to remove anomalies and inconsistencies.
- The policy is entirely compliant with the WTO’s agreement on TRIPS.
- Special thrust on awareness generation and effective enforcement of IPRs, besides encouragement of IP commercialization through various incentives.
- Trademark offices have been modernized, and the aim is to reduce the time taken for examination and registration to just 1 month by 2017.
- Films, music, industrial drawings will be all covered by copyright
- Proposal to create an effective loan guarantee scheme to encourage start-ups.
- On compulsory licensing (CL), India has issued only CL for a cancer drug. Mr. Jaitley said, “We rarely exercise this power.”
- The IPR policy favored the government considering financial support for a limited period on sale and export of products based on IPRs generated from public-funded research.