The Value And Importance Of The Rights Of Patent Holders

Intellectual Property law manages the guidelines for securing and authorizing legitimate rights to developments, outlines, and imaginative works. Pretty much as the law secures responsibility for property and land, so too does it ensure the restrictive control of elusive resources. The reason for these laws is to give a motivator for individuals to create inventive works that advantage society, by guaranteeing they can benefit from their works without apprehension of misappropriation by others.

While a trademark cannot be infringed upon at any time, if a trade secret is obtained through legal means it is no longer protected from use. With a patent, third parties are prevented from making, using or selling the invention thus protecting the funds used in the research and development (R & D)effort. This initial investment can be recovered and if the product is desirable, business success is realized for the property owner.

Article I, Section 8 of the U.S. Constitution provides the federal government with the power to issue patents and copyrights in order “to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries” (U.S. Const. art. I, § 8). A patent provides the inventor with an exclusive right to “use, license or sell and invention,” (U.S. Const. art. I, § 8), as such the product, service, process or design becomes the personal property of the inventor(s).

It is intended both to provide thumbnail descriptions of the various intellectual property regimes to economists working in this area and to indicate where additional economic research might be useful. The other papers in this symposium provide important examples of ongoing research on the economics of intellectual property. Suzanne Scotchmer analyzes the complex effects of patent protection when innovation is cumulative. Rather than analyzing situations in which several firms vie to develop the same innovation-the approach of the "patent race" literature-her analysis examines circumstances in which only one firm can develop an initial innovation but others can also build upon it. She focuses on how the incentive to develop both the initial and subsequent inventions may be affected by the scope of patent protection. Janusz Ordover considers ways of adjusting the patent system that may help to both provide returns to the inventor, and encourage the diffusion of the innovation in the economy. His paper is part of a line of work that explores the place of the intellectual property system among the large number of institutions that affect the amount and nature of research and development that takes place. In the final paper, David

Legally issued by governments so patented inventions can inspire others and offer advantages because they are available to everyone but all proprietorship rights are reserved.

Intellectual property protects legal rights and ownership in the market place through ‘intellectual property rights’. This can include trademarks, copyright, industrial design and patens. These protect brand names, designs and inventions.

2.5 Examine Intellectual Property Law and its Ramifications - The intellectual property law protects and enforces laws about inventions designs and artistic works, this law has people working on products without fear of having their money stolen.

Patents are used to protect new, and sometimes improved, products. Patents guard inventions. The owner of a patent has the exclusive right to make, sell, or otherwise use and profit from a tangible item for a certain period of time. A business or individual must apply for a patent through our government's United States Patent and Trademark Office in order to obtain one.

Intellectual property rights were first born as far back as medieval Europe. During these times, groups of artisans in a particular industry were given permission from the government to control conduct in other industries. These group’s job were to oversee what items were being imported, marketed, produced as well as how new inventions were introduced to the market. [1] Intellectual law during this time period was driven mainly by political and religious reasons since they were a huge part of everyday life. In 1710, intellectual law was made more specific with the passing of the Statute of Anne. This gave inventors an initial 14-year protection period and a possible 14-year renewal. However, it did not protect the inventor from foreign-language translations and the people were able to complain if prices were too high. [2]

Technology enriches our society by making widely available new and useful goods, services, and technical information . Clearly, as a society, we would want to encourage the development of technology so that we can reap the benefits they offer us. Innovators require an incentive to invent and share these technologies with the rest of society. This incentive is achieved by granting intellectual property rights (IPR) to inventors . More specifically, the incentive is usually achieved by granting patents to inventors .

The World Intellectual Property Organization (n.d.) helps one understand the importance of protecting intellectual property. They have spelled out several reasons of this importance including inventing new works in technology and culture, which allows progress to be made that, can be utilized worldwide. In addition, the legal protection of intellectual property encourages the commitment of additional resources for further modernization. Finally, promoting and protecting intellectual property encourages economic growth. It creates new jobs and industries. Protecting intellectual property also enhances the quality and

Intellectual property represents ideas created by minds of humans that require certain rights for their use. Intellectual property gives companies a competitive advantage and attracts the attention of other business partners and investors (Lee, 2016). With such importance, it is necessary for the law to protect these ideas from being used by unauthorized individuals. To shield from this, trade secrets, patents, and copyrights are used to protect the ownership of intellectual property (Legal Information Institute).

The U.S. constitution gave Congress the power to “ promote the devellopment of the useful arts” by granting exclusive rights to inventers for a limited period of time. The purpose of a patent was to assurre the rights of the creators in exchange for not keeping these inventions secret, thus overall knowledge base grows.

There is such a legal concept as "intellectual property". Intellectual property is defined as the creation of any intellectual innovation by an individual such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. The law provides him exclusive rights to this innovation and is strictly against theft or plagiarism in any way. Innovators can safeguard their property by one or more of the following: copyright, trademarks, patents, industrial design rights and in some jurisdictions trade secrets.. Copyrights, patents, and trade secrets are each authored by different Offices. Each is based on the Laws of Commerce. (LII. Intellectual property). Cultural attitudes, in fact, esteem words and knowledge above that of certain other property, since knowledge is something that cannot be as easily duplicated as, for instance, an article of common furniture can. To illustrate the veneration that contemporary society accords intellectual invention, software is more expensive and valuable than hardware sink the

Firstly, with laws to protect intellectual properties, it prevent and stop other companies from commercially using the protected intellectual properties in the marketplace, allowing the owner company to control the usage of their original