Intellectual Property

Intellectual Property and its importance

Intellectual property is the concept which allows people to protect their work, creativity and innovation and own them legally. Under the copyright law, a person has power to protect the intangible property such as; music, poetry, discovery, invention, design, words, phrases and symbols. It encourages the original work, inventions and technologies for growth and making the world look more beautiful. It is necessary because only the owner of the business recognizes its real value and knows how to utilize it. Once it is registered under the copyright law it has fewer chances of engaging in illegal copying of the original work. Furthermore, the owner can create the economic incentives out of his original work. If it is not under the protection of copyright law anybody can engage in illegal copying and can produce financial gain and there are chances of losing the original work and its value.

Companies and institutions copyright their information, ideas, inventions, technology and projects which allows them control the sharing or circulation of their work. Copyright law allows the creators of their work to reproduce and perform their creations publicly such as artwork, movies, books, music and plays. Under the Patent law, the inventor prevents its products and processes from engaging in illegal selling or copying of its invention. Trademark law enables the sellers to apply any distinctive symbol, word or pattern to its goods and services. It prevents from its competitors and rivals using the similar or confusing patterns or logos. (IPPEM,2013).

If there is any violation against original work which is certified under copyright law then the owner may be entitled with the damage or loss incurred to his work. When registered under this law, the owner retains what he legally owns.

Although people posses intellectual property including ideas and strategies. Besides, most people assume that only corporations and giant companies with big names and brands are the ones possessing copyrights of intangible assets. They are not aware of the fact that anything which is visually created, written and is unique to individual defines its intellectual property. He must protect it by registering under copyright law to safeguard its possession.

If someone lost its work which was not registered under copyright law then he will have no legal right to claim its compensation. If any of the non copyright intellectual property, idea or product is copied will not result in grievances. Because the copyrighting of the work or product defines the ownership. Furthermore, if the actual owner of the product wants to retain ownership of its lost product then he does not have any legal right to claim.

Recognizing the value of the intellectual property the laws governing intellectual property are enforced. The industries that are heavily dependent on the intellectual property includes; entertainment, music and movie studios. Likewise, the pharmaceutical industry is also dependent on the safety of its product and formula to protect them from being theft. This is another reason why some of the pharmaceutical products are expensive ...