What Is Intellectual Property:
Property which comes from the Human Brain and for which
Government gives protection is called Intellectual Property Right Trademark, Patent,
copyright, geographical location are few examples of Intellectual Property(IP).
Intellectual property has gained in prominence in many fields of business in
recent times. Today, it is a major asset for many of the world's most powerful
companies. The intellectual property of a company is its legally protectable
and exploitable invisible assets .It is a sub-set of assets known as intangibles. The term "intellectual
property (IP)" refers to property in a legal sense.
It is something which can be owned and dealt with. The legal
rights that give rise to intellectual property are usually referred to as intellectual property rights . There are
several types of IPRs that qualify as intellectual property. The most widely
known lP category is patents. Other categories include copyrights, trade marks,
design rights, trade secrets and plant breeders' rights. In the emerging
knowledge economy, lP has become a critical success factor for most high- It is
an Intangible Asset. But the future benefits to be derived is uncertain. Hence
valuation cannot be made correctly.
Today, however, developing countries do not have the luxury
to take their time over intellectual Property Rights (IPR). As a part of the trade deal hammered out nine
years ago, countries joining the World Trade Organization (WTO) also signed up
to TRIPS (trade-related aspects of IPR), which include patents, copyright,
trade marks, trade secrets, geographical indicators and such other items. The
poor-er countries of the world were given until to
comply in full with the requirements of this treaty.
Tricky Proposition:-
For the last one year, the WTO council responsible for TRIPS was involved
with a tricky proposition . The manufacture and marketing of a patented drug
without the patent-holders consent, This provision has been available since the
formation of the WTO and Brazil has already used the threat of "compulsory
licensing" to ring substantial price discounts out of major patent-holding
drug companies.
This has boon permitted
under contain conditions, including national emergencies and can be used by
countries such as Brazil or India, which have domestic drug industries to copy
the medicines. The problem comes with countries that have no drug makers, They
can import generic copies from the likes of India. when these copying exporting countries are
supposed to have fallen in with the TRIPS line?.
The big patent-holding drug firms in rich countries have
worried that Indian and other companies might abuse the deal to flood their
markets To arrive at a compromise, the TRIPS council of the WTO Issued a
declaration just before the Cancun ministerial started ,saying that countries
could override patents only in good
faith.
For more information about Labor & Employment Law In Lebanon ,Taxation Law In Lebanon,Real Estate And Construction Law In Lebanon and Intellectual Property Law In Lebanon please visit my website.
