When patents are granted, it creates opportunities for a few to profit in service of many. When patents expire, it creates opportunities for many to each profit in service of a few. Hendrith Vanlon Smith Jr, CEO of Mayflower-Plymouth.
This quote explains the importance of patents clearly. How they can benefit and inventors can make profits out of it.
Due to some steps taken by the government to strengthen intellectual property rights, the number of patent filings increased from 42,763 in 2014-15 to 66,440. It's a huge change in the number of filings in India.
There has also been a reduction in the time of patent examination from 72 months in 2016 to 5-23 months at present.
The commerce ministry of India said, "For the first time in the last 11 years, the number of domestic patent filing had surpassed the number of international patent filing at Indian Patent (IP) office in January-March 2022 quarter."
The coordinated efforts of the department for the promotion of industry and internal trade[DPIIT] and the IP office had led to increased awareness among the society. It's a sign of the development of the Indian economy. Inventors are encouraged to invent something new and get it patented so that they can also enjoy the benefits and the country's economy too.
They should put in continuous efforts to aware more and more people about IPR so that patent filing should rise more. Filing for IP should be the new mindset of every individual or inventor.
HOW THIS CAN HELP?
As said earlier, DPIIT has been doing many efforts to create awareness of intellectual property rights in India. This has led to an increase in a number of patent filings also.
As you know, a patent is an exclusive right given to an inventor and allows him/her to make profits out of it. This is beneficial for an individual and country also.
The inventors get patents and exclusive rights over it and further, they sell it or license it which provides profits to them. This encourages inventors very much to start something new and unique. Patents provide a competitive edge over competitors to prevent them from copying and reduce the chance of patent theft.
Investors might understand a granted patent as an idea of high-level technological capability once evaluating a business chance. Potential investors perceive the worth of a patent as associate degree assets and confirm that their investments are going to be protected. The patents of your businesses will help to brand the products and services. Also, it will be easier for your clients to trust you and your innovations.
It can also be a source of additional income.
IPR should be made important to all, even the students should also be aware of it. So that they can make a brighter future of India.
HOW TO CREATE MORE AWARENESS?
The awareness starts from the school itself. The students of the school should be taught about IPR and they should be told the importance of IP in the future. It should be made a compulsory subject in higher studies schools and even in universities also.
The students should be encouraged to take up courses in IP.
