Every April 26, we celebrate World Intellectual Property Day to make people aware of their rights. Intellectual property  rights play a huge role  in encouraging innovation and creativity in many businesses around the world.

The 2021, as determined by the World Intellectual Property Organization (WIPO) the theme for this year is IP & SMEs: Taking Your Ideas to Market. According to WIPO, “Every business starts with an idea. Each of the millions of small and medium-sized enterprises (SMEs) that operate across the globe every day started with an idea that took shape in someone’s mind and made its way to market.”

Why are IP rights so important?

Intellectual property rights are accepted all over the world. They are the reason why scientific advancements are encouraged and awarded. Intellectual property rights are accepted all over the world. They are the reason why scientific advancements are encouraged and awarded. 

• Provides incentive to the individual for new creations.

• For promoting and honouring creativity and innovation.

• Providing due recognition to the creators and inventors.

• Ensuring the material reward for intellectual property. 

• Ensuring the availability of the original products. 

• For economic growth and advancement in technology sector protection of Intellectual property protection is important.

WHY CARE ABOUT IPR-

• Patents provide benefit to the owner of the IP and add importance to industries as well as businesses.

• Globalization and technological advancement has played an important role in IP protection for small and medium sized enterprises.

• Intellectual property protection is necessary to the success of biotechnology companies. The patent system serves as a boon for them for the development of new medicines and diagnostics for treatment and monitoring diseases, and agricultural products.

If you are new to the world of IP, World Intellectual Property Day 2021 is an opportunity to find out how the constituents of the IP system – trademarks, design rights, copyright, patents, trade secrets, geographical indications, and more work. It is also a great opportunity for you to know how you can use this for your benefit.