Challenges and Scope For Intellectual Property In South Asia Speciallly India An Bangladesh

Challenges & Scope for Intellectual Property in South Asia Speciallly India and Bangladesh

Introduction

Intellectual Property can mean the difference between success and failure in business today. Companies need to be aware of the legal implications at each stage of the Intellectual Property life cycle. The evolving nature of Intellectual Property laws and the growing need for companies to have IP management programs and policies are elucidated. In today's dynamic and competitive business environment, Intellectual Property (IP) rights are key elements needed to maintain a competitive edge in the market. Intellectual property is a business asset, an integral part of the business process. Effective acquisition, management, and protection of intellectual property can mean the difference between success and failure in businesses today.

Legal issues arise at each of the four stages of the Intellectual Property life cycle: (1) creating the intellectual property; (2) protecting the intellectual property; (3) utilising the intellectual property; and (4) enforcing the intellectual property. The differing regulation by countries complicates these issues, supporting the trend towards the establishment of global standardization of intellectual property laws. Additionally, the development of new areas within intellectual property tests the flexibility of old rules, necessitating new ones.

A company, in order to protect its intellectual property and ensure that it does not infringe upon another's, must be aware of all of these legal issues. The potential value in actively acquiring, assessing and protecting IP interests in terms of attracting outside investors, establishing your company's leadership position in a field, and/or obtaining a possible stream of licensing revenue is often overlooked or underestimated. Unfortunately, far too frequently, the merit in formulating solid IP management programs and policies is not apparent until a company finds itself embroiled in lengthy and extremely costly litigation.

Gone are the days of individual efforts like that of Watson, Bell, and Edison. Nowadays it is rare that individuals create intellectual property alone. Today, although individuals contribute to the creation of intellectual property, it is a collective endeavour that often involves huge R & D investment funded by corporations. In order to protect their R&D investment, companies need to ensure that the company owns any and all work created by their employees and independent contractors. Only then can the company take full and complete licenses in capitalizing on such intellectual property. Companies can be proactive in protecting their investment in intellectual property. To accomplish this, it is critical that companies understand the regulations of what can be protected and how within their respective countries. Companies must obtain signed, legally binding agreements with all employees and outside consultants, assigning any and all such IP rights to the company. In the absence of such understandings and agreements, companies jeopardize their ownership of valuable intellectual property.

Indian companies are not excluded from this necessity. Indian users are still not conversant with the rules of the Patent Co-operation Treaty (PCT), of which India became a signatory only in ...