Patent Law: A Nemesis Or Blessing For Progressive Countries

Vinayak Singh, Law College Dehradun Uttaranchal University & Nashrah Nomani, Shri Ramswaroop Memorial University, Lucknow

ABSTRACT

Intellectual property is a tangible property that is protected from violation by others till the IPR lasts. Basically, Intellectual Property Rights are innovative ideas, updated inventions, and meaningful expressions created by an artist or creator on which certain rights are fixed by law of the land giving credit and entitlement to creator and also a legal way to get monetary benefits out of one’s creation. With the advent of science and technology, it is very easy to access any confidential information about any IPR application. IPR protection can provide special rights to the original creator and also creates a legal holding on it for a certain period of time. Law of patent gives legal immunity to new innovations who fulfill the grounds of oddity, ambiguity and commercial application. This immunity allows creator to add or subtract number of individuals for utilizing, vending the patented application. This paper highlights the productivity and rationality of international agreements that are- Patent cooperation treaty and TRIPS. There is a complicated nexus between intellectual property rights and economic development and growth. Effectiveness of intellectual property rights depend upon particular circumstances in each country. It all depends on decision and conservative and liberal perspective of different nations. Further this paper focuses on effect of patent laws on developing nations round the world.