The Importance of IPR in the Business World

The Businesses in 21^st century is based on knowledge transfer, such that in order to survive in this competitive environment, The businesses must offer innovative ideas to their clients. So in order to pursue these ideas, the companies have to setup their own research and development centers in order to cater their business needs.

But without sharing those ideas the Industry will not progress, If the idea is confined to one particular firm in an industry, The industry as a whole would suffer. There arises a need for Knowledge transfer within the Industry. Now where there is a transfer there is an interest of the person who is transferring his knowledge, Now days knowledge is treated as an asset just like any other property, there are laws to protect the property like in India we have Transfer of property act, if we are treating knowledge as an asset then we need to insure that it is not infringed and so there comes the law for it i.e. IPR. Now there is a link which is formed between IPR and the business as the Ideas of the business and its conduct are also like assets they must be protected by the law Like Registration of property, there is provision of registration of knowledge named as patent.

If the businesses are transferring their ideas or innovation to other businesses then it should be like selling any other asset, the business must be compensated adequately, and in case of infringement the law must have teeth to penalize the inf-ringer  But law must treat everyone equal and should be made for the benefit of the mankind, Now in order to remove any monopolistic tactics of an inventor there are provisions in this IPR law itself, which compulsorily make the inventor or innovator to transfer the knowledge of coarse with compensation for the benefit of the mankind, Like in the case of bayers v Natco pharma, where a compulsory license was given to the Natco pharma as the inventor was holding a life saving drug.

In short knowledge transfer in businesses can only happen if there is IPR and if IPR is not there then inventor will confine his invention to himself, Also to protect the interests of the inventors and for the progress of the society, industry IPR is an essential element.