Intellectual property-A strong determinant of Economic Growth

Abstract

<div>The returns from almost all human endeavors can ultimately be translated into monetary gains. The past few years</div><div>have seen increased attention to the strengthening of intellectual property rights due to globalization. The development</div><div>of Intellectual property rights (IPR) over the years has invariably brought an upsurge in the outlook of</div><div>nations towards the aspect of societal and cultural growth, this being said with the preliminary assumption that</div><div>economic growth has been the most affected realm and that it requires a separate spectrum of analysis. The artifacts</div><div>between the IP regime and the national economy can be easily interpreted by the fact that India&rsquo;s independence</div><div>had itself brought an era where the enactment of the national IP laws were considered to stand on the touchstone</div><div>of the market economy. The aim of the present paper is to investigate the impact of strong IP regime in the</div><div>economic development of a nation and also a light is raised into Indian economy and creation for an efficient</div><div>innovating system is discussed. A strong relation of IPR wity pharma sector and biotech sector has been discussed.</div><div>Undoubtedly, IP systems must be developed so as to bring in socio-economic well-being. The fact that</div><div>strong IPR actually provoke IPR infringements in many developing nations also seems to be an issue which needs</div><div>to be analyzed while understanding the need of the former. The trade-off between unfair competition laws and IP</div><div>also assumes importance of high magnitude and hence needs to be particularly emphasized. With the growing</div><div>recognition of IPR, the importance of world wide forums on IPR is realized. Companies, universities, and industries</div><div>want to protect their IPR internationally. In order to reach this goal, countries have signed numerous agreements</div><div>and treaties.</div>

Keywords

• Intellectual property rights, TRIPs, IPR regime, economic growth