Patent provides incentives to the assignee or the owner and add value to the business as well as industrial concerns. Globalization and the rapid spread of technology have increased the significance of intellectual property rights protection for small and medium sized enterprises (SMEs). The incorporeal character of intellectual property and the inconsistent standard practices globally puts challenges for such businesses willing to protect their inventions. The three most common forms IPR protection are patents, trademarks, and copyrights.
For example, the biotech industry always promotes an IPR system which is strong as well as effective. An IPR system strong within its structure always helps protection and this is essential for the success and in some cases for the survival of the technology start ups as well as SMEs.(Small and medium sized enterprises).
In today’s knowledge economy, information and data form the fundamental character of most of the businesses and services. In many cases these information constitute value addition in research, usage, development etc. and in various business operations. So investing in information product and protection and commercial viability of the same are of immense importance. This may also encourage other similar initiatives.
The initial investments put in the R & D are of utmost importance because once the data and information are created after rigorous research and development in a industrially applicable technology domain, it becomes much easier to replicate the same and with very minimal expense compared to the R & D investment. As in today’s world, accessing data both in digital as well as non digital form are much easy, data piracy and causing potential damage by data theft are becoming common practices worldwide.
There lies the importance of Intellectual property rights protecting the owner or the assignee their due credit and restrict others not to exploit the owner’s right. As the knowledge based economy is emerging very fast, the issues safeguarding the investment in information-products have gained immense importance in due course and gaining such a pace that it is not possible to be ignorant about IPR anymore.