Indian industry still unaware of potential benefits of IP creation: Chaitanya Prasad
Updated: Nov 01, 2014 03:30:25pm
New Delhi, Nov 1 (KNN) Indian industry is still unaware of the potential benefits of intellectual property creation, despite their innovative capability, said Controller General of Patents, Designs and Trade Marks, DIPP, Ministry of Commerce and Industry, Chaitanya Prasad.
“This is an indication of the lack of awareness of the benefits of IP creation and enforcement for wealth creation amongst Indian industry, thus disabling them to realize the potential role of IPRs despite their innovative capability,” said Prasad, adding that it needs to be corrected.
The Controller General of Patents, Designs and Trade Marks was speaking at a training and awareness program on Intellectual Property Rights organized by FICCI and Intellectual Property India here today, according to an official release.
According to him, nonresidents filed 78.3 per cent of the total number of patent applications (43,995) in 2012 at the India office of the Controller General of Patents compared to 18 per cent in China, 16.3 per cent in Japan and 50 per cent in the US.
Prasad explained that IPRs are exclusive rights over such intellectual property granted to creators/ holders which protect their rights from misappropriation by third parties without their authorization. They are now not only being used as a tool to protect creativity and generate revenue but also to build strategic alliances for socio-economic and technological growth.
He said there exists a two-fold need with respect to intellectual property rights in India, One, greater understanding across the industrial sector about the fundamentals and different facets of IP and two, advanced learning in the area of patents in order to provide trained individuals who can perform at peak potential from early in their career.
IP protection, he stressed promotes innovation, increases funding for R&D, helps firms realize, monetize and secure more value from innovations and grow market value, develop new markets.
Chaitanya pointed out that companies that use IPR generally do better. They have a higher market value. Small and medium-sized enterprises that rely on IP of all sorts have reported higher growth, income and employment than those that do not -- in some cases as much as 20 per cent more.
Furthermore, IP protection provides consumers with innovative products and services, drives solutions to many of society's most important needs and helps protect consumers from inferior and dangerous counterfeits.
Also speaking at the event, former Deputy Director General, World Intellectual Property Organisation (WIPO) and Chairman, FICCI IPR Committee, Narendra Sabharwal stated that today knowledge has become a more important factor of production than the conventional ones. This is evidenced by the fact that knowledge-based industries contribute 30 per cent of global GDP.
He said that the grant of a patent gives limited rights to the patentee to exclude others from making use of the patent. While this is important for businesses, there is a crying need for building awareness about IP, knowing its value, how it can be protected, how to use it and ensuring that no one infringes on the IP.
Enforcement of non-infringement of IP, Sabharwal said, was of critical importance and respect for IP should be inculcated right at the school level and the message of what it entails and the benefits that accrue from it must be spread to all sections of the society.
Senior Attorney and Director, Intellectual Property, Legal and Corporate Affairs, Microsoft Corporation India Ltd, Vipin Aggarwal also shared his perspectives on the issue. (KNN/ES)
“This is an indication of the lack of awareness of the benefits of IP creation and enforcement for wealth creation amongst Indian industry, thus disabling them to realize the potential role of IPRs despite their innovative capability,” said Prasad, adding that it needs to be corrected.
The Controller General of Patents, Designs and Trade Marks was speaking at a training and awareness program on Intellectual Property Rights organized by FICCI and Intellectual Property India here today, according to an official release.
According to him, nonresidents filed 78.3 per cent of the total number of patent applications (43,995) in 2012 at the India office of the Controller General of Patents compared to 18 per cent in China, 16.3 per cent in Japan and 50 per cent in the US.
Prasad explained that IPRs are exclusive rights over such intellectual property granted to creators/ holders which protect their rights from misappropriation by third parties without their authorization. They are now not only being used as a tool to protect creativity and generate revenue but also to build strategic alliances for socio-economic and technological growth.
He said there exists a two-fold need with respect to intellectual property rights in India, One, greater understanding across the industrial sector about the fundamentals and different facets of IP and two, advanced learning in the area of patents in order to provide trained individuals who can perform at peak potential from early in their career.
IP protection, he stressed promotes innovation, increases funding for R&D, helps firms realize, monetize and secure more value from innovations and grow market value, develop new markets.
Chaitanya pointed out that companies that use IPR generally do better. They have a higher market value. Small and medium-sized enterprises that rely on IP of all sorts have reported higher growth, income and employment than those that do not -- in some cases as much as 20 per cent more.
Furthermore, IP protection provides consumers with innovative products and services, drives solutions to many of society's most important needs and helps protect consumers from inferior and dangerous counterfeits.
Also speaking at the event, former Deputy Director General, World Intellectual Property Organisation (WIPO) and Chairman, FICCI IPR Committee, Narendra Sabharwal stated that today knowledge has become a more important factor of production than the conventional ones. This is evidenced by the fact that knowledge-based industries contribute 30 per cent of global GDP.
He said that the grant of a patent gives limited rights to the patentee to exclude others from making use of the patent. While this is important for businesses, there is a crying need for building awareness about IP, knowing its value, how it can be protected, how to use it and ensuring that no one infringes on the IP.
Enforcement of non-infringement of IP, Sabharwal said, was of critical importance and respect for IP should be inculcated right at the school level and the message of what it entails and the benefits that accrue from it must be spread to all sections of the society.
Senior Attorney and Director, Intellectual Property, Legal and Corporate Affairs, Microsoft Corporation India Ltd, Vipin Aggarwal also shared his perspectives on the issue. (KNN/ES)
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