UMUC IFSM 201
June 24, 2012
Intellectual property denotes the mind’s literary, invention and artistic works and names, images and symbols used in business. The intellectual property right thus protects the formation, because the creation may, and regularly is a profitable commodity (Panesar, 2001). By addition the creator’s rights are as well protected, since the creator can enforce the authorized rights against another party who tries to duplicate their creation with no authorization. Therefore a creation draws a range of legal guard that a creator may enforce, thus protecting the productivity of the creation. However, intellectual property rights may be transferred, since the protection right is attached more to the creation compared to the creator; this normally occurs, for instance in connection to the intellectual property rights in medicine, the drugs or medicine that are owned initially by a particular scientist, although transferred to the firm that may hire the scientist, and finance their research. Intellectual property rights are normally protected depending on the feature of the product that is under protection, and the protections always take particular forms for instance patents or copyrights, depending on the definite nature, characteristics, and properties of the item (Bainbridge, 2006). The protection of intellectual property enhances economic growth in developing and developed countries by innovation stimulation, technical development and cultural diversity.
Patent protection is normally more directed at the course through which there exists a creation. It stresses on the process, thus protecting the creation (Bently and Sherman, 2004). A patent then is a phenomenon where intellectual property rights ensue within a specific set of parameters, for instance where a timeline applies. In essence, patents provide motivation to persons by recognizing...