Intellectual Property Rights

Background

The intellectual property scheme is believed to be built on the principle of IPR. The first laid foundation to protect inventions by patent form was made by Venetian Lea in 1474. At the end of the nineteenth century, the rapid development of cities, the discovery of railway linkages, the share of wealth, and increasing transoceanic trade raised popular interest in protecting ideas. International Intellectual Property scheme was born with the Paris convention for the protection of industrial property in 1883 and the Berne convention for the protection of literary and creative Works in 1886. As days passed by, concepts and knowledge became major parts of the trade. Several high skills products and novel medications depend on the extent of invention, research, design, and testing models. Books, recordings, electronic applications, songs, and other internet resources are embraced and traded because of the knowledge and imagination they provide, not because they are made into products, i.e. by plastic or metal, and paper. Several low-technology products or services have a higher proportion of demand based on discovery and nature (example include branded clothes or new plant varieties). As a result, content owners have complete control of who will use their work. All these rights are together called intellectual property rights. World Intellectual Property Organization (1967) established a convention for the succeeding list of topics protected by intellectual property rights. Those are technical discoveries, creations in fields of human endeavour, literacy, artistic and precise works, industrial designs and trademarks. The importance and role of intellectual property rights has been maintained in the Trade-Related Intellectual Property Systems Agreement since the establishment of the World Trade Organization (Prabu et al., 2017).