The Role Of Intellectual Property In Business Innovation And Competition
- IJLLR Journal
- 2 hours ago
- 1 min read
Aditya Agrawal, Bharati Vidyapeeth (Deemed to be University), New Law College, Pune
Keshav Kedia, Bharati Vidyapeeth (Deemed to be University), New Law College, Pune
ABSTRACT
Intellectual Property (IP) rights are a major part of the innovation policy framework. They aim to allow inventors, creators, and businesses to make a profit from their ideas and intellectual works. IP systems that give a temporary monopoly over the use and marketing of inventions, brands, paintings, and other intangible products encourage expenditures on research and development and, at the same time, create a healthy competition across various industries. Proper IP handling not only pays off the creative work but also facilitates the transfer of knowledge, international cooperation, and technological advancement. These advantages, however, come with a price in terms of monopolistic exploitation, market entry barriers, and equitable diffusion of technological advancement, particularly in the developing world, which are constantly being claimed. This paper is a critical account of the origin, structure, and influence of intellectual property on business innovation and competitive markets. It analyses the principles, empirical evidence, case law, and policy frameworks in India and the rest of the world with a focus on how the emerging issues of digital transformation, open innovation, and public health crises require the legal frameworks to be flexible and policy intervention to be at different levels. It also offers suggestions based on the current studies and laws that will help to harmonise the private innovation benefits with the public good and possible future economic growth.
