Vol. 7, Issue 6 (2018)

Author(s):
Aayushi Gupta, Lovedeep Nagar, Manish Ruhela and Harvinder Popli

Abstract:
Intellectual Property (IP) is defined as any product of intellect that the law protects from unauthorized use by others. These include patents, copyrights, trademarks and trade secrets. It has been listed that globally only 0.3% research patents have been commercialized till now. Management of intellectual property product is a major challenge and in this paper we attempt to give an overview of the process involved. This paper briefly reviews the intellectual property issues and evaluates main components/ perspectives for implementation of policies. In this era of globalization its vital to understand intellectual property rights and existing barriers. The organizations can enhance their growth by using the tools like tech transfer and compulsory licensing procedures to take their business to a next level. Besides patents, industrial design, trade secrets, geographical indications, trademark and copyrights are the essential components of IP. It also helps in trading and collaborating the business with other countries of the world.