Intellectual Property refers to creations of the mind:
Inventions, Literary, artistic, works, and Symbol, names and Images used in
business. Intellectual Property is divided into two categories.
Industrial Property:
Includes Patent for Inventions, Trademark, Industrial
designs and geographical indications.
Copyright covers literary
Works (such as novels, poems and plays), films, music,
artistic works (e.g., drawings, paintings, photographs and sculptures) and
architectural designs, Rights related to copyright include those of performing
artists in their performances, producers of phonograms in their recordings, and
broadcasters in their radio and television programs.
Intellectual property rights are like any other property
right. They allow creators, or owners, of patents, trademarks or copyrighted
works to benefit from their own work or investment in a creation. These rights
are outlined in Article 27 of the Universal Declaration of Human Rights, which
provides for the right to benefit from the protection of moral and material
interests resulting from authorship of scientific, literary or artistic
productions. The importance of intellectual property was first recognized in the
Paris Convention for the Protection of Industrial Property (1883) and the Berne
Convention for the Protection of Literary and Artistic Works (1886). Both treaties
are administered by the World Intellectual Property Organization (WIPO).
There are several
compelling reasons. First, the progress and well-being of humanity rest on its
capacity to create and invent new works in the areas of technology and culture.
Second, the legal protection of new creations encourages the commitment of additional
resources for further innovation. Third, the promotion and protection of intellectual
property spurs economic growth, creates new jobs and industries, and enhances
the quality and enjoyment of life. An efficient and equitable intellectual
property system can help all countries to realize intellectual property’s
potential as a catalyst for economic development and social and cultural
well-being. The intellectual property system helps strike a balance between the
interests of innovators and the public interest, providing an environment in
which creativity and invention can flourish, for the benefit of all.
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