A Study of Commercialization of Intellectual Property Laws in India vis- a- vis Challenges and Opportunity

Abstract

Intellectual property (IP) is an intangible property, where a person uses his own intellect, to create belonging, which is unique and distinctive from others, such as inventions, designs and symbols, literary and artistic works, names, and images used in commerce. The purpose of Intellectual Property Rights is to encourage new creations, artwork, and inventions, that might increase economic growth. Intellectual property includes copyright, trademarks, patents, industrial designs, geographical indicators, etc. Today, IPR has value on the market in addition to being a legal asset. The final and most important step in the innovation process is marketing and commercialization, which is essential for the success of any invention or breakthrough. Therefore, the process of transforming an invention into a financially viable good, service, or method is known as commercialization. From the perspective of intellectual property, the process of generating income through utilising one's intellectual assets is known as commercialization of IP. However, the procedure is intricate and requires a great deal of specific efficiency, expertise, and understanding. The importance of the commercial value of Intellectual property can be sighted with an example of a movie getting leaked on the internet before its formal realise. Then a copyright theft case can be filed before the police like what happened to the movie named 'Udta Punjab' in 2016.