Strong Intellectual Property Policy, need of the hour: Report

 The Dollar Business Bureau There is an urgent need to create a strong Intellectual Property (IP) policy so that creative work and innovation are duly protected, says a recently released report. The report titled 'Benefit Sharing in a Globalized India' was released by the Strategic Partners Group (SPAG), a leading research and advocacy firm, on the occasion of the World IP Day, on Sunday. Highlighting on the need for an effective IP Rights policy the report said, “India, a country with multifarious and ubiquitous problems needs an IP environment that stimulates growth and produces a battery that maps out the design for its future progress.” Stating that the cost-effective products should be made available even to the gross-root levels, the report urged for an IP environment that acts as a bridge between the consumers and producers. The IP environment, in India, should act as a bridge between the producers and consumers, where in the producers are incentivized to invest in innovative projects and the consumers are assured with the authentic and safe end-products, it added. The knowledge-based industries have the potential to create jobs for Indian workers, revenues for the government and contribute for rise of exports, the report said, adding ‘IPR must also be taken seriously by all those involved to realize real benefits.’ For this purpose, a strong political will from the top and dedicated resources have to be in place to improve the institutions and train the personnel needed to safeguard IPR on ground, the report added. It further said, “A strong IP policy associated with a strong emphasis on patents, trademarks, among others, not only enables FDI inflows, but also protects and boosts the R&D activities involved in development of an innovative output.” Referring to the government’s initiatives towards building a strong IPR infrastructure, the report informed that a group of consultants in the proposed think-tank, to be formed by the government, are expected to provide the government with the latest improvements on IPR, thereby enabling the government in better handling of IP-related issues. The opinions quoted in the report say that the awareness and implementation are the major issues than a policy structure in India. They further stated that India is less able to absorb the associated costs of implementing IPR and is less likely to benefit from domestic innovation compared to its more developed counterparts. The report suggested India to extend the importance of the IP protection to the gross-root levels in order to remain sustainable in the long run and urged to encourage the domestic talent with good royalties when the inventions are commercialized, thereby, leading them towards further innovations.    

This article was published on April 27, 2015 – 3:25 pm IST