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The right of an individual to derive benefits from his intellectual property and to exclude
others from doing so is referred to as intellectual property rights. The rights to intangible
property that is the product of the human intellect. Intellectual property may be protected
by copyright, trademark or patent. The holder of intellectual property rights is usually the
person or persons who developed the product or the organization that funded it.
Trade secrets: Trade secrets any information that may be used in the operation of a
business and that is sufficiently valuable to afford an actual or potential economic
advantage is considered a trade secret. Examples of trade secrets can be formulas for
products.
Copyright : Copyright is a legal term describing the economic rights given to creators of
literary and artistic works, including the right to reproduce the work, to make copies, and
to perform or display the work publicly.
Trade marks :. Trademarks are commercial source indicators, distinctive signs that
identify certain goods or services produced or provided by a specific person or enterprise.
Trademarks are especially important.
Benefits & Problems of IPR: Benefits- Encourages and safeguard intellectual and
artistic creations. Spread of new ideas and technologies. Investment in R&D efforts.
Consumers got large range of products. Economic development.
India currently spends about 0.8% GDP on R &D and the science and technology policy
(in jan 2003) has the target to raise it to 2% by the year 2007.And 80% of india’s total
expenditure is made by govt. itself. In most of developed countries pvt. Sector incurs 60-
80% of the total R& D expenditure.