The Strengths And Benefitations Of Intellectual Property Law

Better Essays
Intellectual Property Law is a very panoramic assemblage of law; its regards Patents, Trade Marks, and Copyrights. Intellectual Property establishes a very critical role in the improvement of consumer enterprise and acts a driving force for innovation. IP 's are adverted as “ownership of the mind 's products”(Cooter, Ulen, 124); Intellectual property is secured by the law through patents, copyrights and trademarks; this protective screening allows individuals(inventors) the prospect of obtaining acknowledgment & financial payment from whatever they contrive or formulate. With the successful integration of intellectual property law; “the innovator need not fear that others will steal the innovation. Instead of keeping it secret, the owner …show more content…
Unlike patents and copyrights, the construct of trademarks does not refer to the invention, creativity, or distribution. Trademarks also contain the value of sustainability and longevity; they tend to last forever(or till the company dissolves). Now I will elaborate on the conception of patent law and address the strengths and weaknesses.
A patent yields the creator the right to allow/disallow individuals from manufacturing or commerce the patented goods without a license of the patent bearer. The patent holder also has sole commercialized rights to exercise the invention. Royalties are given to the owner of the license; the copyright owner can sell the patent at any price they believe to be appropriate. The patent provides protection and reward inventors and innovators, thus springing the advancements of technological invention. “Patents create An exclusive property right in a design with two dimensions: duration and breadth” (Cooter, Ulen, 128). Duration for patents tend to be 20 years; while breadth is the similarity the product is to another(new one), without infringing on the original
…show more content…
Fearing competition, the owners of patents on drugs are reluctant to license their use in research to competitors” (Cooter, Ulen, 132). This quandary also creates the problem of suppression of innovation, which is a critical purpose of patents. Another difficulty that can arise is innovation with superior instrumentation; a problem depicted in Cooter 's and Ulen 's “Intellectual Property”, is the innovation in the agriculture sector; what if superiority in innovation leads to greediness and selfish actions? A change that could bring in speculative investments due to the superiority of the invention. Another problem which is steadily arising in the patent sphere is the problem with “software patents”(Goldman,2012); this occurs when new, start-up companies develop an idea; established companies are quick to acquire “patent portfolios to keep those portfolios from falling into the wrong hands and with the hope that large patent portfolios will fend off competitor threats (i.e., provide the company freedom to operate its business without interference from competitors’

Related Documents

  • Decent Essays

    For example, if a company comes up with a new innovative design for a product and if the same is embezzled then the plausible profits from that will be affected. Due to this financial implication, the intellectual property needs legal backing and rights to protect it. The intellectual property rights are normal rights which help the inventor or the owner to protect and get benefited his own invention or work. These intellectual rights have been framed in the article 27 of the universal declaration of human rights act. The goal of IP rights is to help creator take advantage of his own creation and also preventing poaching and resulting competition.…

    • 1264 Words
    • 6 Pages
    Decent Essays
  • Decent Essays

    and Coopers main emphasize is that we need to “advance trade by any means”, multilaterally, regionally, bilaterally, and unilaterally. In order to achieve this, they want to establish the Global Free Trade Association (GFTA), to work with the outdated WTO to increase free trade unilaterally. Members of the GFTA would be those who are already involved in free trade, open investment, minimal regulations, and strong property rights. The GFTA would make it easier for unqualified countries to join, because unlike with the WTO, countries wouldn’t have to got through negations. They state that “GFTA would be trade enhancing and would lock in the unilateral opening”.…

    • 883 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Monsanto Pros And Cons

    • 1820 Words
    • 8 Pages

    The reason could be that genetically modified crops and its “dose” of Round-Up Ready do result with many negative effects as well as possibly being the start to all food security problems due to its recent discovery and insubstantial safety verifications. Most consumers are left in the dark when it comes to genetically modified foods, creating a misconception towards these companies as well as the government who support them (Barrett). Obviously, the United States government is left cornered and allows Monsanto and the such to take control and force them into supporting their business with genetic…

    • 1820 Words
    • 8 Pages
    Decent Essays
  • Decent Essays

    Monetarization of IPRs 1.1. Overview on exploiting different types of IPRs There are mainly four types of IPRs: patents, trade marks, designs and copyrights. In which, “patent to protect new inventions; trademarks that are used by businesses that may define brands, logos, and the shapes of products; design rights and registered designes; and copyright, which provides the owners with protection against unauthorized use of his/her literatery, artistic, and dramatic works, sound recordings, and software and database and so on”. Patents Among IPRs’ forms, patent is significantly important since it invents new things which bring innovations to the society. Patent as define in the Article 27.1 of the TRIPs Agreement is the technology innovation.…

    • 1369 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    The effects that such altered species could have on the environment and peoples overall health is uncertain. <br><br>Though the process has been proven successful in the lab, many experts feel that serious precautionary measures should be taken before genetically engineered food is mass-produced and sold on the open market. Politics act as the major obstacle in the way of genetically engineered food production. The fact is that legal advances such as copy writes and distribution need to be taken care of first. Despite the advances in genetic food, some forms of these foods still need the aid of pesticides, which are harmful to the soil and insect life.…

    • 677 Words
    • 3 Pages
    Decent Essays
  • Decent Essays

    Intellectual Property may be defined as; “any product of human intellect that is intangible but has value in the market place.” It is the creative products of the mind which includes; literary and artistic works, inventions, names, images, symbols and designs used in the market place. These works may comprise every production in the literary or artistic field, whatever form and includes books, lectures, music or drawings etc. As a result of their intellectual creative process, they are referred to as Intellectual Property. Intellectual Property is a significant issue for entrepreneurial firms because the protection of rights in that property is necessary from the start of any business enterprise. Numerous concerns while setting up a business…

    • 787 Words
    • 4 Pages
    Decent Essays
  • Decent Essays

    Myriad Genetics Inc. also put many policy issues at stake, in particular the public policy goal of preventing monopolies in a market. If Myriad’s patents would have been deemed valid, they would have had the monopoly on the BRCA genes market, thus creating a monopoly. It is a public policy goal to prevent monopolies because if one company has all of the stake in a certain area, such as Myriad for these isolated genes and their testing, they would then have the ability to create a high price for these testings, thus isolating certain classes from getting the testing without market competition to keep prices reasonable. Additionally, a monopoly in gene studies in particular creates a lack of scientific innovation if no other companies can study these isolated genes. Thus, when the Supreme Court ruled against Myriad Genetics and their patents, it ended this long running monopoly, thus leveling the playing field so other companies can be able to compete and making testing more available within the market.…

    • 1142 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    These obscene prices have sparked a massive protest from people who rely on this medicinal product to survive. The increase in price has made it harder for many to afford so many have demanded a decrease in price. However, the company argues that since they made the product, they should be allowed to sell their product for whatever price they decide on. Pros of Patenting (Megan): Medical drug prices are affected greatly by the existence of patents. Many economists support the phenomenon of patenting drugs due to the benefits that patents have in the field of medicine and the drawbacks that can exist when they are not used.…

    • 1507 Words
    • 7 Pages
    Decent Essays
  • Decent Essays

    In a competitive world where complete originality and genius are rare, good marketing is the innovators most important key to insure success. like IT innovation, which calls for using technology in new ways to create a more efficient organization, business innovation should enable the achievement of goals across the entire organization, with sights set on accomplishing core business aims and initiatives. In sum, innovation provides organisations a competitive edge, which makes embedding innovation so important. A few areas to consider are: ensure that a well-defined innovation process exists, create the conditions that support a climate for innovation, and build capability so that employees possess the skills and behaviours essential for…

    • 1141 Words
    • 5 Pages
    Decent Essays
  • Decent Essays

    Patent Trolls Analysis

    • 1449 Words
    • 6 Pages

    Especially, the PAEs’ actions might make big damages to undeveloped or developing country’s economy because these actions can shake the companies which have big influences on these countries or interrupt individual inventors or companies. Usually, undeveloped or developing countries do not provide proper protections for patents. Even though, they need to support great inventions for their economic growing. The patent trolls abuse these weak points. They buy many patents and demand big amount of money to companies or person who does not have enough…

    • 1449 Words
    • 6 Pages
    Decent Essays