Main Article Content
Intellectual property contributes immensely to the economic and cultural development of a country. Approving a patent monopoly on disclosure of inventions enables competitors in the field to create new products or improved products or to improve results in the production process. This paper deals with the issues and facts of traditional knowledge as well as the contribution of intellectual property rights in economic growth. Most studies in the literature show that, in closed economies, increasing the protection of IPR increases the expected duration of monopoly and the associated incentives for innovation.
Large incentives for innovation increase the growth rate. The paper also focuses on the impact on intellectual property, which is taking place internationally. Huge technological advances in transportation have led to globalization of trade and commerce. Intellectual property can travel easily from one country to another. This paper discusses the ‘piracy’ of intellectual property which has become international by character.
The scope of intellectual property is rapidly expanding and efforts are being made by individuals who have come up with ideas to get protection under the umbrella of intellectual property rights. The law relating to different species of intellectual property includes the nature of the property, the manner in which it is acquired, the nature of the rights granted, the commercial exploitation of those rights, the enforcement of those rights and the measures available against the violation of those rights.