INTELLECTUAL PROPERTY RIGHTS AND THEIR SIGNIFICANCE IN BIOMEDICAL RESEARCH

The term intellectual property (IP) refers to a number of distinct types of intangible assets created by the human intellect. These intangible assets may be in the form of an invention, an industrial design, a literary work etc. Intellectual property once created can be protected under certain laws of the country. The owner of the intellectual property acquires a set of exclusive rights, called as Intellectual Property Rights (IPRs) over his/ her IP assets under these laws. Common types of IPRs include patent, trade secret, industrial design, trade mark, geographical indication, plant varieties and copy right. Due to globalization and increased market competition, the importance of IPRs has increased manifolds in all fields of technology. In the current scenario it is imperative for all the researchers and scientists to acquire the basic knowledge of IPRs to avoid any potential losses of their IP rights. This paper throws light on various forms of Intellectual Property Rights and their significance in biomedical research.