Innovations per se in any walk of life are meant to ease complexities and achieve better success in terms of greater degree of comfort and possibly better economic viability. Innovations and inventions need to be protected in order to appreciate the efforts of the inventors in terms of energy, time, money and intelligence. In this direction, intellectual property is an essential resource for any organisation with intellectual property serving as the forum for the development of newer processes, products in general and new treatments in pharmaceuticals in particular for the health care industry.
India is a full signatory to World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) and since December 1995 has been harmonized with existing standards and regulations on intellectual property. As a result, India enjoys intellectual property rights - protection and preservation - like all other WIPO and WTO member countries. The types of Intellectual properties are patents, copyrights, trademarks, geographical indication, industrial design and others which are the valuable assets of any individual or organisation and need to be protected.
Dr Gopal Krishna Roa, principal, Goa College of Pharmacy, says that Intellectual Property Rights (IPR) must be used to safeguard the medical advancements and therapies that result in the development of new life-saving medications. Trademarks assist in differentiating and protecting the brand at the company and product levels because the interaction between a consumer and a pharmaceutical product is fully founded on trust. For 20 years, following the date of application, patents grant pharmaceutical businesses the only right to advertise their products while preventing anyone from buying, making, or selling them. IPR is a requirement for pharmaceutical firms in order to locate, plan, develop, and safeguard the inventions. They also create healthy competition, which aids in the expansion of the economy and the development of industry. Furthermore, the industries are sufficiently encouraged to spend in R&D, thanks to IPRs!
As Goa celebrates World Intellectual Property Day, it is important to note the Goa – Center for Excellence in Intellectual Property [G-CEIP] in association with Goa College of Pharmacy [GCP], was established in 2016, founded by Dr Umesh Banakar, USA. G-CEIP in association with GCP, conducts various annual conferences, campaigns and interactive workshops to provide a platform for intellectuals from academia, industry and the research fields to share their knowledge and experience in the field of Intellectual Property.
Protection of one intellectual property is vital in this day and age. Colin D'cruz, a noted musician says the tunes he composes; he uploads it to a site that does the job of a record company in the past. Whatever money he earns is routed through the website. This he says ensures his intellectual rights are protected.
In the medical field, it safeguards medical innovation. Once a person or company has developed a unique drug or medical technique, they must either keep it a trade secret or submit a patent application to protect it. It promotes economic expansion. The safety of the public is a primary concern of the intellectual property rights of the pharmaceutical industry, as it enables customers to make informed decisions when choosing pharmaceutical products.
Goa, having an excellent pharma hub of more than 70 formulation development industries with more than 90 percent export oriented units can possibly add a lot of value by collaborating with various academic institutions and research centres in achieving greater success in inventions that are quite useful to mankind. Therefore, it is quintessential to focus on inventions and progress with IPR values will definitely lead to better economic growth.
It is also vital navigating complexities of intellectual property rights in the software industry by protecting innovation and fostering growth. The software industry has emerged as a cornerstone of the global economy, driving innovation and shaping the way we live, work, and communicate. As reliance on technology continues to grow, so too does the importance of intellectual property rights (IPR) in ensuring that the creators and owners of software solutions can protect their work and reap the rewards of their ingenuity.
Farheen Sayed, an award winning entrepreneur says that the role of IPR in the software industry could not be overstated. She says, “Intellectual property rights incentivize innovation by granting creators exclusive rights to their work, providing them with the opportunity to generate income and recoup their investment in research and development. In turn, this fosters competition, encourages technological advancements, and contributes to economic growth”.
Strong IPR protections, she says, could deter software piracy and help combat cyber threats, such as hacking and reverse engineering, which can jeopardize the commercial viability of software solutions and undermine the integrity of the industry as a whole. She pointed out that there were several types of IPR that could be employed to protect software creations.
Copyright, is the most widely used form of protection for software, covering the expression of ideas rather than the ideas themselves. This includes the source code, object code, and the unique organization and arrangement of the software's features and functionality. Patent protection was granted to inventions that were novel, non-obvious, and useful, providing inventors with exclusive rights to their creations for a limited period, typically 20 years. Software patents, she says, were more challenging to obtain than copyrights, as they must demonstrate that the underlying method, process, or system is truly innovative. However, once granted, patents can offer robust protection and potentially significant financial rewards for groundbreaking technologies.
Trade secrets which encompass any confidential information that provides a company with a competitive advantage. In the software industry, this may include proprietary algorithms, processes, or methods that are not publicly disclosed. To qualify as a trade secret, the information must be kept confidential, have commercial value, and be subject to reasonable efforts to maintain its secrecy.
Finally, there were trademarks. They protect the names, logos, and symbols that identify a product or service and distinguish it from those of competitors. In the software industry, trademarks can play a crucial role in establishing brand recognition and customer loyalty. Registering a trademark can help prevent competitors from using confusingly similar names or logos and can strengthen a company's legal position in the event of infringement disputes.
She however said that despite the availability of various forms of IPR protection, the software industry faced unique challenges due to the rapidly evolving nature of technology and the global scope of the market.
Farheen said determining the eligibility of software inventions for patent protection, particularly in light of varying international standards and the ongoing debate surrounding the patentability of abstract ideas and algorithms. Then there was the issue of software piracy and the unauthorized distribution of copyrighted works which could undermine the financial incentives for innovation and erode the market for legitimate software products. Then protecting trade secrets in an increasingly interconnected world, where information can be easily shared, leaked, or stolen.
Finally, navigating the complexities of IPR enforcement and litigation in a global market, where different legal systems, jurisdictional issues, and cross-border disputes could create significant challenges for software creators and companies. As the software industry continues to flourish, the need for robust IPR protection has become increasingly apparent.
Robust protection of intellectual property rights is indispensable ensuring that innovators are rewarded for their efforts and fostering a competitive landscape that drives advancements. By embracing the importance of IPR and implementing comprehensive protection strategies, innovators can thrive in this era of rapid innovation while safeguarding their invaluable creations.