Why it is important to protect intellectual property

Posted by on January 24, 2016 in Estate Planning | Comments Off on Why it is important to protect intellectual property

Why it is important to protect intellectual property

Intellectual property refers to the creations of the intellect to whose owners/creators the law assigns monopoly. Intellectual property protection unites different concepts, such as copyright, patents, trademarks, service marks, industrial design rights and in some countries’ legislation also trade secrets. This means also that intellectual property refers to the works of music, art, literature, discoveries or inventions, as well as words, phrases, designs and symbols. To put it shortly, anything that was created or found by man can falls under intellectual property and can be somehow legally protected.

intellectual-property-e1266844349931It is important to protect intellectual property for various reasons, since many aspects of trade are impacted by counterfeiting and piracy navigate to this web-site  . It is present in all the sectors of industry, but the areas that are most subject to theft of the intellectual property are consumer goods, manufacture, technology and software, as well as biotechnology, with the emphasis on pharmaceuticals.

Copied or in other words – stolen intellectual property can bring huge losses to the industry, the company or the individual it was stolen from. It is estimated that, because of piracy or counterfeit, around 512 billion USD is lost by the worldwide companies on yearly basis.

intellectual-property

For example, when trademarks are considered, it is important to know that your brand is not protected outside your country, unless you file additional requests to protect it in other countries. This means that, if you protect a brand only in the USA, someone from another country can produce the goods under the same name or logo as yours, which may damage your earnings greatly if you export the goods abroad. What is worse, they can also register the same brand name in their country if you have not already done so.

Intelectual property

When it comes to the works of art, they are subject to the Copyright Law, and most of them are automatically protected by their very creation. Protecting work by copyright is also important because if it were not done, the author’s work might be illegally reproduced or publicly displayed, leaving the author himself without credits or without the earnings that would legally belong to him.

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