Author: Jiti. H, IV year of B.Com.,LL.B.(Hons.) from B.S.Abdur Rahman Crescent Institute of Science and Technology, Chennai
Co-author: Velpandiar.S, IV year of B.B.A.,LL.B.(Hons.) from B.S.Abdur Rahman Crescent Institute of Science and Technology, Chennai
The public willingness to bestow the status of a property to ideas, creative expressions, and inventions have been defined as intellectual property rights (IPR). The Developed and developing countries started investing their interests largely in promoting the protection of intellectual property rights as innovation are crucial for the growth and emerging economies of the country, thus measures need to be taken to protect intellectual property rights. As Mark Twain quotes" a country without a patent office and good patent laws are just a crab, it can't travel any way but sideways and backwards". Recognizing the importance of intellectual property rights, this paper pilot through the roles of intellectual property laws in India and affirms the sustainability of a green future in ASEAN countries as well. Furthermore, this paper enunciates the steps that can be taken to oust the blunders in intellectual property laws and suggests actions that comport the regime of intellectual property laws towards growth. This paper arrives at a crescendo, stressing the importance of recognizing formal and informal intellectual property regimes.
KEYWORDS: Intellectual property, innovation, growth, economy, green, informal.
Innovation is crucial for a change in society, without innovation we would be living in a static world with a stagnating economy. It is necessary to protect the user and potential creators of intellectual property through a system of national and international rules called intellectual property rights. Providing incentives and financing innovators invigorates them to pioneer new creations and inventions which enhances economic, cultural and social progress. The intellectual property rights should be built in a way incentivizing the small and medium-sized enterprises, as they are the main drivers of the economy, who have outsmarted larger firms in terms of the technological importance of innovation.
IMPORTANCE OF INTELLECTUAL PROPERTY PROTECTION
Society consists of many creators, innovators, makers and users of the expression of ideas. Therefore, there is the possibility of synchronicity among creators which abstains the creators from procuring the fruit of their labour. The controversy surrounding the invention of the telephone elucidates the importance of propitiation of ideas at the earliest. Although Graham bell is credited with being the inventor of the telephone, many other inventors developed the talking telegraph. However, it was his design that was patented first. Countries that depend on International trade are taking measures to implement effective Intellectual property laws as it enhances the economy of the country.
Benefits that can be procured by securing Intellectual property rights are as follows:
1. Licensing the Intellectual property steers the steady stream of royalty and extra revenue, which enables the creators to make a living from the work they have created and nurtures the business of the one who depends on the creator's work.
2.Intellectual property rights bestow the business magnets with a unique identity that helps their consumers to distinguish the products of one company from another. Consequently, the company can target customers.
3.The creators and innovators shall monetize their Intellectual property assets through sale, licensing, and exporting the patented goods to an overseas firm. Moreover, the registration of Intellectual property equips the creator to receive loans and subsidies from the government.
4.Intangible assets that are open to the public, cannot be secured like tangible assets. To prevent replication of ideas or illegal use of unique ideas by any third party, Intellectual property protection is the recourse. Lately, small and medium enterprises are making a huge contribution to the innovation system. Therefore, It is important to shield their unique creations from infringement by a third party which affects the stable growth of the business. Hence, Intellectual property protection helps small and medium enterprises to secure their Intellectual property rights and to expand the growth and sales of the business.
5. Intellectual property protection is partly responsible for the economic progress of the developed as well as developing countries through stimulation of innovation, cultural diversity, and technical development.
The intellectual property rights of individuals and organizations are recognized by the government and judicial courts. However, to reap the benefits from Intellectual property protection, coordination among Governments, individuals and organizations should be preserved.
THE DEVELOPMENT OF A GREEN FUTURE IN ASEAN COUNTRIES
Intellectual property protection does not extend beyond territorial limits. When a patented invention is disclosed worldwide, a good international patenting strategy is required. The governments of the Association of Southeast Asian Nations (ASEAN) understood the magnitude of green technologies after the occurrence of fatal biodiversity loss which was driven by deforestation, unabated coal use, and peatland burning. The 'Grow now, Clean up later' model triumphed economic growth in Asia. As per the report of the Clean energy pipeline, around 70 million citizens of the Association of Southeast Asian Nations (ASEAN) who are not provided access to reliable electricity have recognized solar energy which led to growing investments in solar projects in Southeast Asia. Citizens are sentient towards waste management, water purifying, clean buildings, and smart cities. Consequently, there is a huge demand for new and innovative solutions involving green technologies.
Inventors lend their credence to patents that encourage companies to subsidize new, clean, and efficient technologies. The investors learned the business strategy underlying patent licensing and transfer agreements. The World Intellectual Property Organization (WIPO), European Patent Office (EPO), and many other Intellectual property offices around the world contrived databases to herald green technology and the development of innovations. Noticeably, the collaboration between government and startups in green-tech development bloomed development in small businesses which assisted in confronting climate change challenges. For example, when there is a government behind US-based startup patents, there is an increasing rate of 78% in green-tech development.
When there is no factor to abstain from the ideas from being stolen the creators would scruple to disclose their work. Furthermore, the businessmen would not invest in a product that is likely to be imitated by anyone which disheartens the innovators and creators to pioneer new ideas and innovations. Ostracizing the imitator, the appropriate creators should be incentivized and credited for what they have toiled. Intellectual property laws forbid the illegal use of original ideas by the third party which fortifies the innovators, designers, and makers to innovate new products and services. Universally, Governments are framing compatible policies for the protection of Intellectual property to foster a congenial environment for innovation. The policy framework promotes healthy competition among organizations which results in eccentric goods and services of quality.
Agriculture plays a crucial role in the Indian economy as 70% of the Indian population depends on it. Many researchers have surged their interest in discovering the ideas about the plant breeds to lend their hands to the farmers of India. Article 27 of the TRIPS agreement gave inception to the Protection of Plant Varieties and Farmers’ Right Act, which came into effect in 2001 in India. The Protection of Plant Varieties and Farmers’ Rights Act, 2001 was enacted to protect the rights of the farmers, plant varieties, and researchers who have invested their interests in the development of new breeds of a plant.
Presumably, the Protection of Intellectual property rights has a domino effect on innovation and creativity. Put in another context, the greater the protection afforded by Intellectual property laws leads to greater potential rewards to creators which motivates them to create new works, and the greater the incentive to create new works, the greater the number of new works created.
POSITIVE ACTIONS FOR GROWTH AND PROGRESS
There is no change without creations and creators will dither to create unless their creations are succoured with the strong legislations. Through the medium of the intellectual property system, an enriched economy and progress can be attained.
To strengthen the regime of intellectual property laws and to wield the intellectual property system towards growth, the governments need to adopt the following measures:-
•The provisions of intellectual property rights should be congenial to the creators hence the ownership of their creations should be granted to them irrespective of their nationality.
•The intellectual property takes place on a global platform. Hence, the inventors should have access to national and international property protection in an inexpensive and cost-efficient manner.
•The government bodies must ensure that intellectual property policies are rational and active. In further, the policies in the areas of education, science and technology, culture, taxes, investment regulations, production and technical incentives, and trade should be strengthened with sound economic management.
•The government should focus on concatenating academic and research institutions, and businesses, and financing sources by educating the inventors and creators on intellectual property rights and edifying the inventors about the commercial benefits of intellectual property.
•Not to escape from the key duty of the government to build a legal framework through providing sufficient funds, enforcement measures, and training to the national and international intellectual property administrative bodies.
Apart from the newfangled methods, the personnel shall still stick to familiar concepts such as taking professional advice from experts including lawyers, local diplomatic posts, the UK India Business Council, and chambers of commerce at the initial stage on the protection of intellectual property rights.
The growing science and technology pressurize changes in the regime of intellectual property. Around the globe, policymakers are still debating about strengthening intellectual property rights. Moreover, the Indian policymakers argued that strengthening the legal framework of intellectual property rights will likely function against India’s interests entails the transfer of rents to multinational corporations(MNCs).
On the contrary, exponents claims that ascendancy of strengthening the intellectual property rights over multinational companies will result in the introduction of more advanced products in India consequently spurs innovation universally and elevates the economy of the country. Not to conceal the fact that weak intellectual property rights are congenial for developing countries including India as the vast majority of the population has limited access to essential goods and services. The needs of the informal innovation ecosystem are distinct from the formal innovation system. Considering the idiosyncrasies in the ecosystem of developing countries, the type of regime of intellectual property should be determined after taking into account the needs of different industries that trigger innovation.