Why are Intellectual Property Rights Important

In the technology sector, it becomes really important to protect your Intellectual property. It i sone of the main factors of growth in all high technology industries. There can be a long argument over the fact that are IPRs good or bad for the socio0-economic growth also, but the fact is that we have to adjust with the concept of Intellectual Property Rights.

 

 

What does Intellectual Property Right give us?

Intellectual Property Rights gives the owners of ideas, expressions ( in creative fields), inventions, a right to exclude others to use this property for a certain period of time.

There are arguments by developing nations that IPRs can the capability to ruin the local industry and technology spread, but the developed countries have long become comfortable with the concept of IPR implementation and implications and that is what is going to follow, sooner or later, all over the world.

Our analysis tells that the large economic strength of developed nations comes from IPRs and the benefits of IPRs are more than the drawbacks. Developed countries have a strong legal system in place to take care of the Intellectual Property Rights.

I feel that unless this concept strongly comes in developing countries, and their legal infrastructure becomes strong in implementing the protection of rights, the major rise in stable economy will not follow.

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