Paper Details
Paper Code: SL02V12023
Category: Special Lecture
Date of Publication: December 06, 2023
Citation: Prof. (Dr.) M.K. Bhandari (Scripted by Mrs. Ritimoni Sarmah), “Emerging trends of Intellectual Property and its innovations in the Corporate Sector in the Contemporary world”, 1, AIJIPCA, 1, 1-2 (2023).
Author Details: Prof. (Dr.) M.K. Bhandari (Scripted by Mrs. Ritimoni Sarmah), Sr. Professor of Law, Founder & Director GALTER
ABSTRACT
Prof. (Dr.) M.K. Bhandari addressed the scholars gathered on the occasion of the 2-days National Seminar on the topic of the Emergence of Intellectual Property and Its Innovations in the Corporate Sector in the Contemporary Society as the Inaugurator. He focused on diversified topics in relation to IPR. He particularly emphasized the challenges that have emerged both at the global and national levels in the protection of IPR due to the evolving technology and new culture. He also emphasized the conflicts between individual and public rights related to IPR. He finally concluded that more research-based culture is required to enhance the benefits of IPR since the country with advanced IPR regimes are more developed than countries lacking behind in the field of intellectual innovations and their effective protection.
KEYWORDS
Artificial Intelligence; Intellectual Property; Technological Development; Research-based Culture
In his inaugural speech, Prof. (Dr.) M.K. Bhandari highlighted the major challenges in the contemporary world in terms of innovations and IPR.
He viewed that we live in an era that is highly influenced and dominated by digital technology. The new age is extremely disruptive and full of transformational technology such as artificial intelligence, cloud computing, metawares, etc. These technologies are the outcome of advanced and highly sophisticated innovations. He draws attention to a case where the Supreme Court of the U.S. remarked that everything under the sun is patentable. So patent, which is a key IP right is a very important yet controversial form of IPR that is given for technical and scientific innovations that have industrial applications. The IPR which is given for technical and scientific innovations, has industrial application. The IPR has been harmonized globally under the TRIPS Agreement and all countries that are members of the WTO have laid down minimum norms for different types of IPR like copyright, Trademark, Patent, GI, biological diversity, and traditional knowledge.
Prof. Bhandari also views the modern economy is a competitive economy and so those countries that have better technology, certainly have an edge over the other Countries. Corporate sectors are trying to incorporate advanced IP systems and it is reflected in the case of software and social media giants like IBM, ORACLE, Facebook, Twitter, etc. which have a number of IP rights such as patents to their credit. Back home in India, the scenario is positive. He recollects honorable PM Narendra Modi’s mantra during the inauguration of the 7th Indian Science Congress- “Innovate, patent, produce and prosper”. In this context, Prof. Bhandari viewed that the value of these IPs is in their exploitation either by means of production based on innovation or by giving licenses or transferring technology. In the last 2/3 years, which is inflicted by Covid-19, we have noticed that in the healthcare and pharmaceutical sector, particularly related to the development of COVID-19 vaccination, a lot of issues have emerged. Since IPR gives monopoly rights for a certain period, one can transfer it and earn a royalty or grant a license. So what is more important is not only to create IP but to exploit or make use of innovation-based products that will give a competitive advantage. In India, greater emphasis is given to research and innovation according to the New Education Policy 2020 and even higher educational institutions are opting for patents and copyrights. So the need of the hour is to develop a culture and an industry-academia partnership so that we can prepare our young talents for globalization.
Prof. Bhandari also highlights some troublesome issues related to IPR like the clash between individual and public rights vs. corporate rights and emphasizes maintaining equilibrium between the two. Similarly, he calls for the need to keep vigilance on the infringement of IPR, especially in the case of trademarks, service marks, copyrights, etc. Again in traditional knowledge and biodiversity, India is one of the richest countries. But our bio-diversity is pirated in the case of various traditional practices, medicinal plants, etc.
The speaker concludes by emphasizing the fact that IPR are a dire necessity of the present time. So we must inculcate the IP culture among the young generation. At the same time, the corporate sector in India should also give importance to IP audit and valuation of the company. We must be aware and ready to fight the challenges that abuse IPR. He concludes with a hope that IPR regimes will be updated and modernized and they will be in tune with the requirements of the Country.