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
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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’
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’