What an Intellectual property is Essay Example | Topics and Well Written Essays - 2500 words

What an Intellectual property is - Essay Example The intention of this study is intellectual property (IP) that connotes to the conceptions of the mind; which includes names, symbols, artistic and literary works, inventions and images employed by the business community to distinguish their products or creation from others in the market. Intellectual property can be divided into two divisions. Industrial property means patents for industrial designs, inventions, trademarks and geographical indications. Copyright engrosses literary creations like plays, poems, novels, films, musical works, and artistic works like photographs, paintings and drawings, architectural designs and sculptures. Like any other property, intellectual property rights (IPR) are enforceable under the law, and they permit the author or an owner of a trademark, copyright or patent holder to derive advantage from his own investment, creation or work. These privileges are stated in Article 27 of the Universal Declaration of Human Rights, which states that the privile ge to derive advantage from the safeguarding of material and moral interests emanating from authorship of any literary , scientific or artistic work. The significance of intellectual property was first acknowledged in the† Paris Convention for the Protection of Industrial Property in 1883† and in the â€Å"Berne Convention for the Protection of Literary and Artistic works in 1886.† Both the above- mentioned treaties are being managed by the WIPO. The privileges offered under intellectual property are considered as a powerful mechanism for cultural, social well-being and for economic development of the society in general. It is aiming to strike a balance between the public’s interest and the interests of the innovator. IP rights reward human endeavour and creativity, which stimulate the advancement of the mankind. Without copyright protection, the existence of the multi -billion -dollar industry, of film making, software development, publishing industry whic h offers pleasure to billions of people around the world would not be possible. Without any reliable, global trademark protection and implementation, consumers around the world have no means to purchase services or products confidently, and strict enforcement mechanisms under IP regime help to discourage piracy and counterfeiting. Inventors and researchers around the world would have little encouragement to prolong producing more efficient and better products for consumers around the world without the rewards offered by the patent system. (WIPO 2003:3). Safeguarding the development of ideas and the creation of ideas is the prime aim of the intellectual property law. New ideas are necessary to stimulate to enhance and to stimulate the creation, development and spreading of ideas, which are essential for the economic progress. Misuse can be stopped by barring the value of an idea being stolen by others. Ideas may vary in nature from material property and hence, they are more susceptib le to imitation. Without any safeguard or protection, ideas are vulnerable to be stolen by business rivals no sooner a product becomes