Amendments Made to Canadian Trademark Law on 17th June 2019

Countries, no matter whether to strengthen the existing trademark protection or to include additional rules, often bring changes in their trademark laws. Almost all of us know how crucial role the trademark law plays in the protection of Intellectual Property (IP) assets. By providing relevant and robust trademark rights, it helps the owners in not just preventing unauthorized users from using their unique creation but also creating goodwill among customers. However, to obtain expected results, it is crucial to stay up-to-date with the reforms made in such laws and their corresponding rights. Here, in this article, you’ll be going to get updated with the recent changes in the Trademark Law of Canada.

  1. Availability of Madrid Applications

Canadian applicants from now would be able to file the Trademark Applications in over eighty (80) countries worldwide just through a single international filing. With this new opportunity, it will be easy for Canadian applicants to manage their international trademark portfolios.

Similarly, applicants from the Madrid Protocol nations will be able to designate Canada in not just their International Trademark Applications but also existing Madrid registrations. Moreover, the incoming protocol applications would charge similar to the national applications – as per the Canadian Intellectual Property Office (CIPO).

  1. Increase in Filing and Renewal Fees

Filing Fees

Previously, CIPO tends to charge a fee of $250 for filing a trademark application encompassing any number of classes of products and services, along with $200 as the trademark registration fee. Nevertheless, to apply for a trademark after June 17, the applicant has to pay the filing fee of 330 CAD for the first class of products or services, along with 100 CAD for each additional class of products or services. For all these applications, the trademark registration fee is eliminated.

Renewal Fees

The renewal fee has been increased to 400 CAD from 350 CAD for the first class of products and services with an additional 125 CAD charges for each new class of products and services.

  1. Declarations of Use Is No Longer Required

After 17th June, Declarations of Use is no longer required for Trademark Registration in Canada. Note that this change applies to not just applications filed after June 17 but also applications pending as of this date. It means that all the applications filed before June 17, 2019, can proceed to trademark registration in Canada (once the opposition period expires) simply with payment of registration fee, without filing the Declaration of Use.

  1. Information Regarding Use Is No Longer Needed

Applicants filed the trademark applications on or after 17th June need not indicate whether he/she has previously used the trademark in Canada or abroad. In other words, the applications filed on or after this date are applicable to get approved even if they do not tell whether the concerned applicant has registered and used the Trademark in Canada or foreign countries.

  1. Nice Classification Appears Mandatory

As per June 17th amendments, all the new applications must be filed with Nice classifications. Moreover, the pending applications that have not yet advertised for objection/opposition purposes must be classified. Note that for unclassified registrations, the CIPO will request the Nice classification upon renewal.

Although this requirement of the Nice classification is expected to bring Canada more in line with the international norms, it does not mean that CIPO will become lenient in its practice of reviewing goods and services descriptions. All the goods and services must still be adequately specified under stringent standards set by CIPO.

Are You Getting Ready for Trademark Registration under Amended Law?

In the days after the reforms came into force, you as an owner, who’s looking for trademark registration in Canada should emphasize taking immediate steps, based on appropriate and up-to-date information. It will help you in saving costs in processes like filing multi-class applications, renewing multi-class registrations, etc. Besides, you must also think about streamlining your portfolio management. You should focus on using the Madrid international filing system and filing applications for non-traditional and international trademarks. For more visit: https://www.trademarkmaldives.com

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How’s the Patent Application Process in India Affected by 2019’s Amendments?

The Indian government, along with administrators and several Intellectual Property Law Firms in India, has recently taken a considerable step to motivate inventors to get involved in more and useful inventions. With this welcome move by the concerned authorities, the Patent Application Process in India has become not just cheaper but easier as well.

The Patent Amendment Rules 2019, which came into force on 17th September, reflect the below-given four major changes: 

  1. Submission of Original Documents Only Upon Request

Although the Indian Patent Office in 2016 had dismissed the requirement to provide hard copies of the patent forms and specification while applying for Patent Registration in India, certain documents were still needed to be submitted at the IPO in their original form. Some such documents include the Power of Authority, verified English translations of Priority and PCT documents, etc.

Under the unamended rules, the applicants need to submit the original documents at the IPO within 15 days from the day of their online submission. Nonetheless, as per the rules amended in 2019, the applicants no longer have to do so. They can file their duly authenticated documents only by electronic transmission. The exception where original documents are required to be submitted within fifteen (15) days of a request is if the IPO asks the applicant for the same.

  1. Women and Many Others Can Enjoy Expedited Examination

In 2016, the government added the Patent Application Process in India with the provision of expedited examination. Under the unamended rules, this provision had limited the number of applications to be examined within twelve months, i.e., the expedited period. Moreover, it was open for only two categories of applicants, including:

  • Start-ups,
  • Applicants who mention India as an International Searching Authority (ISA) or an International Preliminary Examining Authority (IPEA) in their applications

The amended rules concerning the provision of expedited examination have come up as a beneficial change for many other applicants, like:

  • Small entities
  • Female applicants
  • Government entities, such as:
  • Different government departments
  • Institutions wholly or largely financed by the government
  • Institutions established by the Central, Provincial, or State Act
  • Government companies as specified in Section 2(45) of the Companies Act, 2013
  • Applicants who are suitable to process patent applications compatible with agreements amid IPO and a foreign Patent Office.
  1. Form 28 Needs to be filed

As the amended rules say, the start-ups now have to submit documents supporting their start-up status along with Form 28, each time whether they file a request, form, or document at IPO. The filing of such documentary evidence claiming start-up status will prove helpful in ensuring that the applicant is eligible for claiming the suitable deduction in the fee.

  1. Zero (0) Transmittal Fee

As discussed above, the amended rules have made the Patent Application Process in India easier as well as cheaper. Under these rules, the previously applicable transmittal fee for PCT applications at the IPO through the e-filing module has been abandoned. Additionally, the applicants don’t have to pay fees for the certified copies of priority documents and their e-transmission by the WIPO Digital Access System (DAS). Even the costs for filing PCT and convention applications have been reduced.

Before 2019’s amendments, i.e., under unamended rules, the applicants were required to pay a transmittal fee of INR 3200 for start-ups, INR 8000 for small entities, and INR 16,000 for corporates. Furthermore, fees of INR 1000 for start-up, INR 2500 for small entities, and INR 5000 for corporates for receiving a certified copy of a priority document with around 30 pages were applicable under unamended rules.

Wrapping Up:

These recently amended rules will undoubtedly be going to increase the number of patent filings in India as they are providing opportunities to women, small entities, etc., in addition to those who are eligible to file patent applications and get Patent Registration in India before amendments. Moreover, these ensure easier and cheaper patent application process that ultimately buzz off the applicants’ hesitation, thus making them confident to file their applications without any worry. Hence, we can say that this welcome move by the government of India will benefit not only the people but also the nation. For more visit: https://www.trademarkmaldives.com

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CII Reports Intellectual Property Can Be Valuable Collateral for Financing

The 5th edition of CII’s (Confederation of Indian Industry) flagship annual Intellectual Property (IP) conference focused on creating IP-led technology for a $5 trillion economy has recently released a report showing global examples to represent the virtues of using IP as collateral for financing.

Visualized by CII and co-created by Duff & Phelps, the report said that being the third-largest economy for start-ups in the IP industry, including technology and pharmaceuticals, India is standing at the verge of IP revolution. Although the government initiatives like the release of the National IPR Policy in 2016 to spur interest in Intellectual Property Rights (IPRs) commercialization have been institutionalized, India’s IP financing process is still quite slow.

What are the reasons for the slow pace of IP financing In India? As the report said, unwillingness to treat IP as a business asset, challenges in IP licensing, lack of uniformity in the valuation of IPs, insufficient market, and legal infrastructure to monetize IP assets are some of the main reasons for the slow pace of IP financing in the country.

What is IP-backed financing? IP-backed financing refers to the approach of using IP assets to achieve access to credit. Nowadays, more and more MNCs (Multinational Corporations) and SMEs (Small and Medium Sized Enterprises) are selling their IP assets in exchange for finance. Besides, lending institutions worldwide are considering IP as collateral while extending loans. In general, IP assets are used to secure asset-based loans. However, if collateralized, then they can be used to increase the available credit. Note that in the cases where borrowers guarantee their IP, no matter patents, trademarks, or copyright, as collateral, the collateral pool upsurges in value and potential for a successful loan. In simple words, with ideas and innovations emerging as the key driver of the businesses, financing base that supports the IP’s commercialization is remarkably crucial.

Mr.Arvind Thakur, Chairman, CII National Committee on Intellectual Property & Senior Advisor to the Board, NIIT Technologies, while commenting on the report, said that using IP as collateral will help the industries and banks to develop a good understanding of the subject matter and gain profits.

He continued by saying that according to CII’s belief, IPRs should be at the central stage for competing in the world of Artificial Intelligence (AI) in a meaningful way. Moreover, it is expected that this would open new scopes of financing in India.

Following Mr.Arvind, Aviral Jain, Managing Director Valuation Advisory Services and Co-Head, Restructuring, Duff & Phelps, said that the nation needs to have a mechanism for obtaining financial support and a robust marketplace. India can take lessons from IP friendly nations such as Korea and Singapore that have taken steps to create an IP financing ecosystem. The schemes introduced to flourish the IP sector in these countries benefit SMEs, Start-ups, and even lending institutions.

Other Key Findings of this Recently Launched Report Are As Follows:

  • When the regulatory environment is emerging globally, and initiatives to give impetus to IP-based financing are underway, economies like Singapore display a sophisticated regulatory environment and a robust infrastructure for IP financing.
  • Over the past five years, IP financing transactions in areas where IP is used as collateral have declined globally.
  • There’s an increase in global PE (private equity) funds that are not just investing in IP-based companies but also helping to protect IP in certain situations. For more visit: https://www.trademarkmaldives.com

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TCS Reports Current Patent Laws Are Inadequate for AI-related IP

Tata Consultancy Services (TCS), India’s largest software exporter in association with the Confederation of Indian Industry (CII), has recently reported that despite the evolution of Patent Laws in India and abroad, the increasing proliferation of artificial intelligence (AI) across the world requires new policies for Intellectual Property Rights (IPRs) enforcement.

The report found that the current patent laws treat AI software-based inventions as logical algorithms implemented in the computer systems. Although patent eligibility of algorithms is valid, there is not enough about how to handle inventions with heuristic nature.

What is Heuristic?

In AI, heuristic refers to a technique to solve problems faster than the classical methods. The report cited that AI software is no longer bound to traditional rule-based systems, and in fact, has increasingly turned heuristic, thus showing higher intelligence over classical systems.

The report explained that as per the current patent laws – someone, typically a natural person (in legal terms – an individual instead of one associated with a public or private body) who only applies the logic to make anything workable cannot be an inventor.

It also clarified that machines are frequently deriving solutions to problems autonomously or in conjunction with a natural person, thus bringing the definition of a ‘natural person’ in question. Besides, it emphasized that this issue needs to be addressed by state laws and enterprises. Moreover, data-privacy and data-ownership issues, which would have severe legal implications, are other aspects that require fresh debates.

The report further noted that in the global ecosystem involving multiple players, data is not just accessed but also moved across jurisdictions many times. The data ownership holder or the data owner or the AI scientist who owns the IP rights on an invention is at the forefront of the debate.

It then revealed that AI is helping to develop new mechanisms and doctrines for future IP ecosystems. As the study recommended – the present administrators of Intellectual Property Right in India and outside have to address the IP management at three levels.

  • At the data level: In the form of access to accurate and high-quality data
  • At the IP system level: For enabling the IP systems with AI-based solutions
  • At the people level: To empower people to realize the merits of AI in the IP domain.

At last, the report informed that IBM, Microsoft, Toshiba, Samsung, and NEC were the top five patent applicants. Nonetheless, the Chinese Academy of Science (CAS), dealing in deep learning (DL) with 235 patent families, held the largest patent portfolio worldwide – the report found. For more visit: https://www.trademarkmaldives.com

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Why Intellectual Property Law in South Africa Needs a Revision?

Like many other nations, the immense umbrella of Intellectual Property Law in South Africa (SA) also encompasses the legislation that involves patents, trademarks, industrial designs, and copyright protection. Intellectual property (IP) refers to intangible assets that are created through human intellect. Although beneficial to the owner (creator/ producer) in many ways, these IP assets are vulnerable to exploitation by third parties and should be protected by a powerful means. IP law is one of the best ways famous for protecting intangible IP that can hold immense value. It is a crucial source used to restrict the unlawful use of inventors’ unique assets, and thus, ensure the Intellectual Property Protection in South Africa and other regions worldwide.

Another main objective of the administrators, attorneys, etc., taking care of the IP law in South Africa is to encourage the creators to create more and more intellectual goods. Unfortunately, as the Intellectual Property Rights (IPRs) provided under the IP law allow the owners to prevent others from using their assets, they often confer negative rights. Hence, it is essential to revise the IP law in South Africa to ensure that people seeking access to healthcare shouldn’t be denied healthcare lifesaving drugs.

One considerable fact about IP law in SA when it comes to the healthcare area is that the granted IPR, i.e., patent enables the pharmaceutical companies to prohibit others from manufacturing and selling the same medicines. The patent, no matter whether for the protection of medications or anything else, lasts for around 20 years in most of the nations globally. It bestows the companies with a monopoly to determine and set the price of medicines produced by them on their own. The highly-priced drugs often push the people in desperate and fatal situations, thus making it vital to revise the Patent Law of South Africa that lead to the granting of excessive licenses fueling pharmaceutical monopolies.

Measures South Africa is Taking or Should Take

Concerning the call to revise IP law in SA and several other nations, the World Health Organization (WHO) has provided some rules and stated that the public health principles related to access to medicines are sustained by the Constitution of WHO along with a wide range of national and international legal policies. Besides, Intellectual Property Rules from the human rights viewpoint must be supervised under principles supporting not just the public health goals but access to medicines as well.

Still, several pharmaceutical firms focus on monopolizing the production of drugs, especially for TB, cancer, and hepatitis C that are the most leading cause behind deaths in SA, only for making profits.

A physician named Dr. Eric Goemaere, who introduced HIV treatment in SA in 2017, said that the treatments for HIV and cancer are very complicated and expensive. That’s why people are afraid of even looking at them. The most disconcerting thought revolves around the resistance put up by big pharmaceutical companies on the creation and availability of these treatments when the patient is dying. The Treatment Action Campaign is the biggest organization that came up to provide relief in such instances by ensuring that all people in South Africa can access suitable medical treatment. By making the large pharmaceutical firms grant licenses to small companies for manufacturing generic ARV (antiretroviral) and numerous other relevant things, it ensures that the appropriate medical facilities are available to all South Africans.

No doubt that the rapidly advancing technology has provided us with numerous new medicines and antiretrovirals, but the concerning fact is that all these are very expensive. Hence, it is recommended that the government, pharmaceutical organizations, and IP Attorneys in South Africa should work on new research and development (R&D) models to delink the cost of R&D from the total cost for drugs or treatments. South Africa should likewise think about the approaches for incentivizing R&D through cash prizes, grants, and more, instead of supporting patent monopolies leading to excessive pricing. The nation should also advocate worldwide leadership by funding people for initiatives like researches. It even needs to invest in the development of drugs for the future rather than just thinking about the intellectual property market in South Africa or outside.

Ordinary People of South Africa

For ordinary people in South Africa, the present scenario means that they can anytime face the situation when it will be essential for them to get unaffordable medicines that are secured under patents preventing other manufacturers from coming up with an affordable alternative. It also means that human rights, constitutional rights, and health are commodified, allowing firms with patents to deploy human sufferings for extracting profits. In short, it suggests that the right to access to health for common residents of South Africa is being undermined, and therefore, the nation needs to think about – of course – the difficulties related to IP law, but while emphasizing the violation of human rights. For more visit: https://www.trademarkmaldives.com

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Europe’s Top Court Adviser Says Amazon Must Check for Trademark Infringements

An adviser to Europe’s top court has recently said that Amazon, the US online retail giant is not liable for unconsciously stocking products causing Trademark Infringement for third-party sellers, but should be careful in checking whether the products are legal or not.

The adviser gave his opinion on a case pitting Amazon against the US cosmetics firm Coty. The dispute reflects one of the many battles amid online platforms like Amazon, eBay, etc., fighting against online business barriers and luxury products firms seeking to preserve their branding and exclusivity. The opinion from Manuel Campos Sanchez-Bordona, the advocate general at the Court of Justice of the European Union (CJEU), came in response to a case concerning Coty’s German subsidiary. It is the subsidiary that took Amazon to a German court for stocking its Davidoff perfume for third-party sellers.

Coty said that such practices infringe on its trademark rights, and Amazon should be responsible for stocking trademark infringing products.

Campos Sanchez-Bordona said that the companies, which are unaware of trademark infringements, cannot be held liable for storing such products for third-party sellers. He also raises the question of the online platforms’ responsibility for the content transmitted or products sold on their sites. He even said that if the firms actively participate in disseminating the products and operate schemes like Amazon’s, then they must show diligence in checking the legality of products advertised or sold on their platforms.

Amazon’s Scheme

The US online retail giant under its scheme known as “Fulfilled by Amazon” stores and delivers products for third-party sellers and this is one of the main features of its whole business model.

Campos Sanchez-Bordona continued by saying that the companies should be aware that they cannot absolve themselves of responsibility. They must understand that without this control, their platforms can serve as a channel for advertisement and sale of counterfeit, stolen, illegal, or unethical products.

Amazon, in regards to this, said that it made efforts to combat fake products on its platform. The company added that they continuously invest heavily in battling against bad actors and are committed to turning counterfeits to zero on their platform. Moreover, courts have ruled in their favor in the first two instances of this action, and they are now expecting preliminary legal clarification from the CJEU.

Nonetheless, Coty did not immediately respond to the request, but the Luxembourg-based court, which looks in the majority of cases related to such non-binding recommendations, would normally provide a verdict in the next two to four months. For more visit: https://www.trademarkmaldives.com

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China to Reinforce Protection for Intellectual Property Rights

The Chinese government, through the medium of a document it issued earlier this week, has revealed its desire to improve the protection of Intellectual Property Rights (IPRs), an issue reflecting at the center of trade matters with the United States (US).

The document launched recently is a joint directive by the General Offices of the Communist Party of China Central Committee and the Chinese State Council, aimed at strengthening the protection of Chinese IPRs between accusations from the US stating that China has stolen the American IP.  The directive laid out China’s goal of reinforcing IPRs protection over the next two years by raising the upper limits for compensation related to the infringement of such rights.

According to the excerpts provided by the Chinese State Council, the directive reads that increasing IPRs protection is one of the most significant ways to improve the IPR system and to boost up the economic competitiveness of China. The new guidelines also revealed that China would multiply its efforts to enhance international cooperation on the protection of IPR, promote communication between foreign and domestic rights holders, and provide support in overseas IPR disputes.

The document also discussed China’s plan to increase the protection of trade secrets, confidential business data, and source codes and speed up the procedure to introduce a punitive compensation system for violation of patents, copyrights, or other IPRs.

The measures came after considering that the disputes over the theft of Intellectual Property (IP) have roiled the trade negotiations amid the world’s two largest economies, i.e., the U.S. and China scramble to reach phase-one of a trade deal.  The development came as investors have been scaling back their hopes for a phase-one agreement amid Beijing and Washington before the end of this year, i.e., 2019. This sort of deal was expected to provide the stage for dealing with chief concerns like a complaint made by the U.S against China, alleging that China steals intellectual property.

In an investigation made by the Office of the U.S. Trade Representative last year, it was found that the intellectual-property theft by China compels the U.S to face a loss between $225 billion and $600 billion a year.

Ultimately, the document claimed that by 2022, China would be making progress in matters that have affected IPRs enforcement, like high costs, low compensation, and the difficulty of proof. And also that by 2025, the nation would have implemented an upgraded system of IPR protection. For more visit: https://www.trademarkmaldives.com

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Letter of Consent: A remedy for Rejection of Trademark Application in China

Considering the benefits that a registered trademark can provide, more and more people and companies are continuously getting involved in activities like filing trademark applications. Once get approved, the trademark applications can ensure a lot of gains to not just the applicants (creators of product in most of the cases) but the consumers as well. All these, further, benefit the entire nation by positively impacting its economic growth, financial gainings, etc. Well, obtaining these advantages isn’t as easy as said. In general, the journey to achieve Registered Trademarks in China or other nations incorporates several hurdles. One of the most common obstacles that often affect the Trademark Registration in China is that the filed applications get rejected by the executives at the China Trademark Office (CTMO). The prime cause behind the rejection of trademark applications is the similarity between an applied trademark and any already registered or pending to get registered trademark holding earlier priority. When refusal takes place, it is usual for the trademark applicants to follow different paths and approaches to protect their interests.

Common Remedies for Refusal of Trademark Applications in China

  • Filing appeal to the Trademark Review and Adjudication Board (TRAB) to display the significant differences signifying that the applied and the cited trademarks would not lead to public confusion.
  • Filing opposition, if still doable, then non-use cancellation application or invalidation application against the cited trademark.

Apart from the above-given remedies, a letter of consent is another alternative that can help you to overcome the refusal of your trademark application in China. Submitting this letter if the examiner issues an unfavorable decision based on a trademark with earlier priority is a beneficial way to prevent the refusal and worries related to it.

Letter of Consent

It is a written document in the form of a contract amid the owner of an already registered trademark, and the applicant applied for the registration of a new mark. It is a means by which the owner of the prior trademark grants consent for the registration and use of the same or similar trademark filed by the applicant. Although the approach associated with this letter isn’t stipulated in the Trademark Law of China, still TRAB has been maintaining this method by admitting and considering the letter while reviewing the application after refusal.

As per the Trademark Review and Adjudication Board, the letter should meet the following requirements:

  • Both the trademarks – applied and cited – should be distinguishable even though the differences amid the two are slim
  • The trademarks must not be contrary or detrimental to consumer interests or public policies.
  • The conflicting parts that often consist of English characters or words involved in the applied and cited trademarks should not be identical. TRAB undoubtedly supports the co-existence of marks with identical English characters or words but in rare cases.
  • If both the trademarks are to be used in the Chinese market, they must not cause any confusion about the source of the products related to the mark.
  • In case the letter of consent is signed out of the mainland of China, it has to be notarized and appropriately legalized, else TRAB will reject it.

If signed successfully, the letter of consent can for sure be helpful to convince the examiner that both the prior registrant and the applicant believe that the new trademark would not lead to consumer or public confusion if it gets registered. Hence, the chances of success of the review will increase manifold. As the CTMO can assume that both the parties are in the best position/ situation to determine and decide whether consumer confusion would occur or not, this letter enjoys great deference in the whole procedure.

After going through the above-given statistics, it will not at all be wrong to conclude that submitting the letter of consent signed by the owner of the cited trademark can be one of the best ways to get the refused trademark applications successfully approved for the registration. Ultimately, it is worth remembering that this letter is a profitable approach widely accepted by the United States Patent and Trademark Office (USPTO) and several other intellectual property offices worldwide. Another considerable point about this letter is that its use has increased by many times in recent years. Note that even the international intellectual property offices often accept this document based on the consideration that the two parties involved as subjects in the matter are in the best position to ascertain that no risk of confusion or misleading for the consumers is foreseeable. For more visit: https://www.trademarkmaldives.com

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Intellectual Property Law in Bangladesh

The term Intellectual Property (IP) denotes the human mind’s creations that include literary and artistic works, symbols, names, inventions, etc., used in commercial ventures. With the rapid expansion of the global economy, Intellectual Property Law in Bangladesh, along with the corresponding rights, has become an absolute asset to the overall development of the country. In general, IP is protected by patents, geographical indications, trademarks, industrial designs, and more that enable people to earn recognition and benefits from what they have created or invented. IP Law in Bangladesh or any other nation aims to develop an environment that can ensure the right balance amid the interests of inventors and the public.

IP Law and Rights in Bangladesh

Due to the effect of globalization, Intellectual Property Rights in Bangladesh is an international concern. As per some reports, Bangladesh had participated in the Paris Convention in 1991 and the Berne Convention in 1999 for the Protection of Industrial Property and Literary and Artistic Works, respectively. Moreover, the nation is a signatory of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement. Following the legal battle settlement system provided by the World Trade Organization (WTO), the TRIPS has set comprehensive, universal, and mandatory standards for almost every country. Besides, considering that the IP Protection in Bangladesh is a hostile issue for things like life-saving drugs, technological inventions, etc., the WTO has provided some exemption. It has provided the LDCs such as Bangladesh with the freedom to implement provisions mentioned in the TRIPS agreement related to pharmaceuticals until 2033. Like many other LDCs, Bangladesh is also exercising and having benefits of the extended transition period to bring itself into compliance with TRIPS regulations.

IP Law and rights associated with it have a noteworthy significance and remarkable implications in Bangladesh. The significant impacts of these legal assets in this nation can be determined by the following viewpoints:

Economic: As the potential benefits have long-term effects on the country’s financial wellbeing, IPRs are undoubtedly beneficial for the economic growth of Bangladesh. Furthermore, by upsurging export diversification and promoting foreign exchange investment, IPRs in Bangladesh can enhance the likelihood of increased investments in both – the production and the invention areas.

Non-Economic: First of all, it is essential to understand that this aspect regarding the IPRs in Bangladesh is not less important than the economic feature. Exclusive rights under the non-economic aspect can help the nation in obtaining a distinct identification in the global market. For instance, Geographical Indication (GI) in Bangladesh has brought its natural and cultural products to the international marketplace. Note that Bangladesh has already attained GI tags for products like Hilsa, Khirsapati, and Jamdani, which are extracting considerable benefits for the nation.

IPRs are also known for creating value that serves producers with the best-suited prices for their quality products. As IPRs encourage producers to come up with quality products, these play a crucial role in providing nations with good income by increasing their reputation and financial profits.

Bangladesh is assuredly making efforts to ensure its growth, and therefore, emerged as one of the fastest-growing nations in the world. Nevertheless, if we consider the present scenario, the outcomes aren’t so good. For instance, if compared in terms of patent and Trademark Applications, Bangladesh lags far behind the three neighboring nations, including India, Pakistan, and Sri Lanka. Though it succeeded in leaving these three countries behind in terms of industrial designs, yet the overall gains from Intellectual Property Protection in Bangladesh seem to be unprofitable.

According to the data collected this year, the global ranking Bangladesh has achieved in the IP area was 116 out of 126. Besides within the marking range of 0 to 100, it has scored just 23.06. All these aspects ultimately point towards Bangladesh’s poor condition in the field of IP.

Solution related to IP issues in Bangladesh

 As discussed above – considering that the protection of IP in Bangladesh is a contentious problem, the TRIPS agreement that aims at ensuring powerful protection among the WTO members has given the nation an extended transition period to safeguard its IP. Nonetheless, this opportunity would not apply to Bangladesh after a time slot of three years. Hence, the nation will have to compete with advanced and developed countries for not just domestic but foreign markets as well. It means, the Bangladesh government, as well as residents, must take necessarily required precautionary steps on an immediate basis, else the global market share of this country will shrink. For more visit: https://www.trademarkmaldives.com

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Imagion Biosystems Obtains Patent from India

Imagion Biosystems Limited, an Australian firm dedicated to improving healthcare through early detection and research for diseases like cancer by using the latest diagnostic imaging technology, has recently obtained a patent from India. By bringing biotechnology and nanotechnology together, Imagion aims to recognize cancer and other diseases earlier, thus making it possible for the patient to recover at the early stages.

The recent patent – #320872 – from the Indian Patent Office has been issued for the company’s core Intellectual Property (IP) associated with detection, analysis, and imaging of diseases by using magnetic nanoparticles. The new patent has added India to the Imagion’s existing global market coverage, including Australia, Israel, Russia, Japan, and the US. And, if we talk about the term of this newly issued Indian patent, then it extends to the year 2030.

As per the data provided by the International Agency for Research on Cancer, the number of patients getting a diagnosis of this disease in India is expected to increase to 1.41 million by 2026 from 1.15 million in 2018. Alongside these statistics, the Indian Council of Medical Research abbreviated as ICMR has reported that lung cancer and breast cancer are the two most common cancers from which the residents in the country often suffer. It also stated that around sixty percent of patients having breast cancer get diagnosed in the late stages.

Bob Proulx, Executive Chairman of Imagion Biosystems Limited, said that this patent grant is a significant addition to their IP portfolio. He added that sadly, the cases of cancer (particularly breast cancer) in India following the rest of the world are continuously and rapidly growing. In nations like India, where the diagnosis usually occurs at late stages, there is a remarkable opportunity to impact the survival rates. Thus, their technology to detect disease at the early stages without using radiation or invasive procedures appears to meet an unmet need in the areas of cancer diagnosis and management.

The current focus of ImagionBiosystems is on diagnostic imaging addressing a $2 billion market globally. In the specific, the Imagion’s magnetic nanoparticles technology looks emphasizing lung, breast, prostate, and ovarian cancers.

It is expected that due to the large size of the population and its continuous growth, along with the development of the new cancer diagnostic technology in India, the nation will soon become a growing part of the addressable global market.  For more visit: https://www.trademarkmaldives.com

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