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The waiver on patent rules would make more vaccines in developing countries and fulfill the shortages of vaccines in world’s hospitals. In October 2020 India and South Africa government had been proposed to the WTO waiver for covid 19 vaccines. If the vaccines are patent protected, only a few pharmaceutical company developed vaccines only.
WHAT IS TRIPS AGREEMENT?
Trade related an aspect of intellectual property rights is an agreement on international intellectual property rights(TRIPS). TRIPS agreement is applicable on all world trade organization (WTO) members. TRIPS came into force in 1995. it frames the intellectual property system in terms of innovation, technology transfer and public welfare. It applies basic international trade principle regarding intellectual property to member’s states.
INDIA AND INTELLECTUAL PROPERTY RIGHTS
India is the member of the world trade organization and hence committed to the agreement of trade related aspects of intellectual property it is called TRIPS agreement. India is also a member of world intellectual property organization. The world intellectual property organization is responsible for the protection and spread of intellectual property in world. India also signs many and attends
the conventions like Paris convention for the protection of industrial property, patent cooperation, Washington treaty on intellectual property in respect of integrated circuits and etc.
WHAT IS INTELLECTUAL PROPERTY RIGHT?
Intellectual property is refers to creations of the mind. There are many different types of creations example: artistic expressions, signs, symbols, name in commerce, designs and inventions.
The intellectual property rights mean rights which given to the person of their creation of the mind. Intellectual property right are the legal rights that protect the creation of person. Intellectual property rights give their owners to exclude others from making use of their creations only. Intellectual property owner receive a royalty or financial compensation or payment for uses of their intellectual
property for any use. Intellectual property rights are protected by many laws of countries and states.
WHAT ARE TWO TYPES OF INTELLECTUAL PROPERTY RIGHTS?
There are two types of intellectual property right. First, is copy right and second, is industrial property right.
COPYRIGHT
This rights related to protecting right of art works, literary works, films, musical, sound recordings and many more. This type of intellectual property rights are protected for a minimum period of 50 year of the creator.
INDUSTRIAL PROPERTY RIGHTS
the industrial property right are divided into two parts. First, is protection of distinctive sign is related to (trademarks) of goods and services of one undertaking for another. Also related with (geographical indications) is uses for identify a good as originating in a place. Second, is industrial design and trade secrets are protected the innovation, design and creation of technology. These types of inventions protected by patents and trade secrets. The protection of such signs, designs and patents aims to stimulate and ensure fair competition and protect consumers.
WHY THE WORLD NEED INTELLECTUAL PROPERTY RIGHTS?
ENCOURAGES INNOVATIONS: the protection by intellectual property rights encourages new creations in innovations without fear.
ECONOMIC GROWTH: The protection and promotion of intellectual property spurs economic growth. It creates the new jobs
and industries by new creations.
EASE OF DOING BUSINESS: it promotes innovations and creativity and ensures ease of doing business.
By: Shubham Attri
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