Essay Example on Intellectual Property Law: Protecting and Encouraging Innovation

Intellectual property is the result of an individual's reasoning and understanding, which is protected by the law to prevent unauthorized use by others. The intellectual property law is categorized into five classes which include; patents, copyrights, plant breeders' rights trademarks, and design rights depending on the nature of the property. In developing countries, the law has encouraged innovation and disclosure of new developments as well as enhancing probity in commercial transactions.

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Intellectual property is vital in spurring the economic development of third world countries. Firstly, in the business environment, the various forms of intellectual property protection constitute one of the factors that influence businesses at the microeconomic level providing a medium in which the investors and innovators recover their invested time and money. At the macroeconomic level, it creates a favorable atmosphere for domestic innovations, which attracts direct investors from foreign countries. Secondly, intellectual property system provides for a framework where developing countries can engage in international trade and other economic activities with other countries at a global level.

The governments in developing countries find it challenging to devote resources aiming at strengthening the intellectual property systems. In most of these countries, the leaders perceive the systems to be primarily beneficial to foreign property owners. Besides, the intellectual infringements are not emphasized and are considered as minor offenses whose loss is insignificant. However, stronger intellectual property protection conjointly associates with substantial benefits. The high cost impacted by weak systems is avoided as the countries gain more confidence to invest further. It provides a legal framework that enables the developing countries to share economic prosperities with developed ones, for instance, through the franchise system. Also, it capacitates the ability of the countries to export more products they produce.

The intellectual property rights are under the national law of each country. The institutional framework of IP protection must align with the international IP treaties and agreements like the Paris and Berne conventions, Madrid protocol, and the Patent Co-operation Treaty. Intellectual property disputes are solved through court litigation, arbitration, mediation, and expert determination.

Bibliographies

Cornell Law School, 'Intellectual Property' (LII / Legal Information Institute, 2020) <https://www.law.cornell.edu/wex/intellectual_property> accessed 6 May 2020

Intellectual Property Office, 'Intellectual Property Rights In The USA' (Assets.publishing.service.gov.uk, 2013) <https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/456368/IP_rights_in_USA.pdf> accessed 6 May 2020

International Chamber of Commerce (ICC) and World Intellectual Property Organization (WIPO), Making Intellectual Property Work For Business (ICC Publications 2011).

Lesser W, Evenson R, and Braga C, 'Strengthening Protection Of Intellectual Property In Developing Countries: A Survey Of The Literature' (Documents.worldbank.org) <http://documents.worldbank.org/curated/en/663011468739527882/pdf/multi-page.pdf> accessed 6 May 2020

USAID, 2003. Intellectual Property And Developing Countries. Washington.

wipo.int, 'Chapter 4 Enforcement Of Intellectual Property Rights' (Wipo.int) <https://www.wipo.int/export/sites/www/about-ip/en/iprm/pdf/ch4.pdf> accessed 6 May 2020