Speaking at a Training and Awareness Program on Intellectual Property Rights organized by FICCI and Intellectual Property India, Mr. Prasad explained that IPRs are exclusive rights over such intellectual property granted to creators/ holders which protect their rights from misappropriation by third parties without their authorization. They are now not only being used as a tool to protect creativity and generate revenue but also to build strategic alliances for socio-economic and technological growth.
There exists a two-fold need with respect to intellectual property rights in India, One, greater understanding across the industrial sector about the fundamentals and different facets of IP and two, advanced learning in the area of patents in order to provide trained individuals who can perform at peak potential from early in their career.
He said that IP protection promotes innovation, increases funding for R&D, helps firms realize, monetize and secure more value from innovations and grow market value, develop new markets. Companies that use IPR generally do better. They have a higher market value, helps small & medium-sized enterprises and SMEs that rely on IP of all sorts have reported higher growth, income and employment than those that do not -- in some cases as much as 20% more.
Furthermore, IP protection provides consumers with innovative products and services, drives solutions to many of society's most important needs and helps protect consumers from inferior and dangerous counterfeits.
Mr. Narendra Sabharwal, former Deputy Director General, World Intellectual Property Organisation (WIPO) & Chairman, FICCI IPR Committee in his remarks, stated that today knowledge has become a more important factor of production than the conventional ones. This is evidenced by the fact that knowledge-based industries contribute 30 per cent of global GDP.
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He said that the grant of a patent gives limited rights to the patentee to exclude others from making use of the patent. While this is important for businesses, there is a crying need for building awareness about IP, knowing its value, how it can be protected, how to use it and ensuring that no one infringes on the IP.
Enforcement of non-infringement of IP, Mr. Sabharwal said, was of critical importance and respect for IP should be inculcated right at the school level and the message of what it entails and the benefits that accrue from it must be spread to all sections of the society.
Mr. Vipin Aggarwal, Senior Attorney & Director, Intellectual Property, Legal & Corporate Affairs, Microsoft Corporation India, also shared his perspectives on the issue.
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