What are the benefits of the Intellectual Property system, especially the patent system?
Among IP systems, patents can be said to be the most common, important and complicated one because of its techno-legal nature and the widest and strongest legal protection one can secure. The benefits of the IP system are, therefore, explained with reference to the patent system. However, it should be kept in mind that similar benefits are there in other species of IP. Patents are, in addition to securing exclusive legal rights for the invention disclosed, useful for (1) advancing knowledge and bringing new knowledge eventually into the public domain through the unique source of information contained therein; (2) identifying the trends and experts in a field; (3) evaluating the strength of competitors; (4) identifying unexplored areas for undertaking R & D so as to become a leader in that area; and (5) identifying unprotected areas to avoid infringement. (The author is former head of the Intellectual Property Management Division of CSIR.
