Intellectual property rights; implications and prospects with special reference to awareness and protection in a knowledge economy: an appraisal

Intellectual Property Rights are defined as governmental protection of private innovationand creativity. The Paris convention of 1883 and the Berne convention of 1886 were the first international treaties on I.P.R. In 1967 the world intellectual property was created as division of U.N. The term intellectual property has been internationally been recognized as covering patents, industrial designs, copyrights, trade-marks, know-how, and confidential information. Intellectual property surrounds us in nearly everything we do. At home, at school, at work, at rest and at play. No matter what we do, the fruit of human creativity and invention surrounds us. The progress and prosperity of a nation depends on the industrial, technology and pharmaceutical development and the people behind are the researchers and inventors. Legal protection of the inventions has to be sought in accordance with the intellectual property rights (IPR) regime. The world Intellectual Property Organization (WIPO) has been established to promote the use and protection of works of the human spirit. It plays an important role in enhancing the quality and enjoyment of life, as well as creating wealth for nations. The establishment of WTO (World Trade Organization) has further enhanced a major metamorphosis for global trade in the new millennium. The WTO is bringing about sweeping changes in both composition and complexity of international trade and development. Intellectual property is one of the most important aspects of WTO regime and it has far reaching implications. It would be inappropriate to view I.P.R. from one aspect. To have a broader prospective, we need to highlight the effect of I.P.R. on under-developing and developing countries. Under-developing and developing countries are at a greater disadvantage in the global economy in today's time. Developing countries share a belief that industrialized countries to maintain their monopoly over advanced technology by demanding that developing countries implement strong I.P.R. Thus developed countries continue to push for a commitment from developing countries to work, stronger protection intellectual property. An intellectual Property property right is a form of knowledge, which can be assigned specific property rights. It requires social awareness and protection in a Knowledge Economy. Thus the present paper provides with an extensive outlook, as far as the Intellectual Property Rights and few of its key aspects including its implications and prospects. The present paper has also reviewed the existing literature related to IPRs and the Knowledge Economy.