Intellectual property (IP) refers to various innovations of the mind, including literary works, inventions, designs, symbols, and artistic expressions. Such IP is vulnerable to duplication without the protection granted by intellectual property right (IPR) laws. Therefore, it is not only essential to secure these rights but also track IPR laws to gain adequate protection for your IP. So let’s discuss the top seven ways in which you can track IPR laws efficiently. 

Global IPR Laws and Its Importance 

IPR laws are a set of legal provisions which protect the intellectual property rights of the creators/owners of IP. As these laws allow you to enforce and defend your IP ownership rights, global developments or changes in these might impact your IP-related decisions and policies. Hence, it’s crucial to stay updated about the latest developments in this area so that you can stay ahead of the curve in today’s competitive business environment. Here are the seven ways to track global IPR laws.

• Latest Scientific and Technological Trends

Knowing scientific and technological advancements is essential for the maintenance and filing of IPRs. Unless you are aware of the latest innovations in your field of interest, it is challenging to keep track of IPR developments. Scientific and technological advancements are so rapid that they create unprecedented requirements to change IPR policies globally. 

Furthermore, for effective IPRs, companies often invest massively in their Research and Development (R&D) teams. To transform these investments into successful returns, you should track the latest scientific and technological trends in your industry. 

• International Infringement of IPRs and Fraud Protection

With the current pace of inventions, chances of infringements are higher than ever. Resultantly, a manifold increase has been witnessed in IPR litigation. Hence, companies that have obtained patents must constantly monitor products in market to make sure that their invention is not copied by anyone.

Similarly, they have to look out for products – both online and offline – that infringe their patents. To assist businesses with this process, Sagacious IP provides patent infringer/licensee identification service to better equip companies to take note of and thereby prevent counterfeit products.

Additionally, keeping yourself updated with popular international infringement cases can help you track IPR laws, enforce them, and prevent disputes in the future. This is because popular infringement cases are a good way to know the court’s views on a country’s national IPR law. They provide rare but crucial insights into what a country’s judicial system thinks about infringement. 

• Observing International Policies That Coincide with Local Laws

In some countries, local laws may be different from international law. If there is an invention, the procedure to apply for ownership might be easier locally than considering the global scenario. In this case, it is likely that the latest reforms in global IPR laws might coincide with national IPR laws.

Hence, before making a decision, it becomes fundamental to study legal procedure of the state wherein registration is required. 

Similarly, it is also vital to keep yourself updated with those global IPR laws. If there are policies that coincide with the patent research, you must address the issue and modify the approach. Ultimately, you must stay aware of changing policies locally that may benefit the innovation process globally. 

• Intellectual Property Trade-offs in Recent Years

Understanding trade-offs in the global market is essential to businesses. Being fully aware of intellectual property transfer allows you to design and develop your own goals around the current shift. For example, in 2018, Walmart acquired 77% of Flipkart’s base in India, thereby securing most of its IP. In this deal, close to 30% of the valuation was for Flipkart’s brand name. This emphasizes on the fact that a company is valued not only by tangible but also by intangible assets.

Now, if a company wants to list an item on Flipkart, it will have to abide by Walmart’s policy, which is an American company. However, it does not change the fact that Flipkart, an e-commerce firm with Indian founders, is registered in Singapore. In this case, IPR laws that are universally applicable, along with local Indian IPR laws, will come into play. 

• Searching International IPR Laws for Investment Opportunities

Upon developing an invention that’s 100% unique, you can proceed to secure protection for the idea in various jurisdictions around the world through a single Patent Cooperation Treaty (PCT) application. India, for example, provides tax incentives for start-ups and MNC’s that are investing in the generation of intellectual property in India. This gives an invention more security and accessibility in terms of building assets and securing investments. Learning the process of identifying opportunities to secure your IP is fundamental to keeping up with IPR laws. 

• Following the Process of IP Registration

Filing for IPR is a cumbersome process. Understanding the process of registration for trademarks, copyrights and patents gives a clear idea about what to include and what to exclude while filing for an IPR. The process of IP registration is both legally and commercially viable.

To be able to sell an idea, you must know how the economy deals with IPR Laws. Similarly, you must know what is the complete governmental procedure to secure an IP. Hence, learning the process of IP registration and how it works will give you an immense advantage in terms of securing your IP in the least possible time. 

• Partnering With An Outsourcing Firm

It is a cumbersome process for applicants to keep track of IPR laws in each and every country around the world. Therefore, usually, organizations first determine business potential of their products in various markets. Based on that, they decide the jurisdictions in which products will be launched. Thereafter, they look into IPR laws of those jurisdictions to comply with them. 

Partnering with local IP service providers helps businesses to carry out these tasks cost-effectively – they assist in tracking IPR laws in the jurisdictions of interest.

Since IP service providers are well-informed of such developments in the sector, they can help you to stay abreast with the latest IPR laws and draft patent applications in compliance with them. Furthermore, such service providers ensure all due diligence during patent process and provide critical information that can help you to make strategic decisions related to IP policies. 

IP partners provide services such as freedom to operate searches and drafting of patent cooperation treaty (PCT) applications. While the former helps applicants to ensure that their product does not infringe the patent of a third party, the latter allows them to prosecute their invention in multiple jurisdictions with a single ‘international’ patent application. 

Conclusion 

Essentially, to keep track of the latest IPR laws, you have to constantly be aware of innovations that happen and how they may affect your IP-related policies. Knowing the laws and complying with them effectively is the fundamental aspect of tracking IPR laws. 

Sagacious IP’s patent drafting services are designed to draft patent applications that comply with IPR laws of the jurisdictions of interest. We also assist businesses with PCT application drafting and ensuring that it meets the standard norms and stipulated guidelines of various jurisdictions around the world. 

– Karthik Narasimhan (India Filing) and the Editorial Team 

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