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Intellectual Property Rights (IPRs)
IPRs have emerged as an indispensable strategic tool in today's knowledge economies and societies, particularly in the context of economic globalization. An entity's ability to compete in the global market depends to a large extent on its capacity to generate new ideas through innovation in science and technology, where such ideas are transformed into wealth generating products. IPR, by conferring exclusive monopoly rights to its owner for a limited duration, has emerged as a significant factor in creating incentives for innovation and generation of economic value. An Effective IPR System is also a constituent of a reliable legal environment, which in turn becomes an important factor for decisions on foreign investment and technology transfer.
Key systemic issues in this regard are:
- clearly defined contractual rights and obligations enshrined in the law;
- respect for law;
- development of effective legal systems for enforcement;
- availability of accurate and detailed ready-to-use IPR information; opportunity for continual training of IPR professionals across sectors;
- creation and development of modern infrastructure, including human resources in the various IPR offices;
- harmonization and streamlining of administrative procedures of the different IPR offices and perhaps most significantly,
- the development of a vibrant IPR culture in the processes of knowledge creation, application and dissemination, all of which are connected with market demand and rewards.
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