Intellectual Property Rights Protection Archives - Blog | Trademarkmaldives

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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Mainly considered to be a legal source to protect assets from being used without their owners’ permission, Intellectual Property Rights (IPRs) are also helpful in driving opportunities to earn more and gain competitive benefit. That’s is the reason why most businesses in the present challenging era emphasize working with Intellectual Property (IP) strategy in addition to their business strategy. IP provides exclusive rights that allow authorized accessing and using several elements, like medicines, industrial products, etc., while keeping the vulnerabilities of legal issues minimum. The IPRs guarantee avoidance and elimination of various types of misuses, including:

Counterfeiting
Abusive or unauthorized use
Theft or diversion of IP assets
Copying of registered or patented items

The combination of trust and protective strategy associated with IP can be a perfect way to grow your business to a remarkably fruitful level in today’s highly competitive marketplace. Hence, it is imperative to comprehend the IP strategy along with its core elements, and importance.

IP Strategy

Intellectual Property (IP) Strategy is a combination of several steps that help a business to manage its IP assets, define how its research and development team should operate for achieving the company’s goals, which may be building a reputation or increasing the revenue. Generally, protecting different types of IP assets appears an expensive deal; however, with an apt IP strategy, you can ensure the protection and management of your assets at a reasonable price. Besides, it can help in extracting good ROI, i.e., returns on your business investments. That’s why all the businesses, whether large, small, new, or old, should have a clear and understandable IP Strategy.

Core Elements of A Result-oriented IP Strategy

Strategically using your IP assets is one of the best ways to grow your business while facing the least possible hurdles. Hence, you must always emphasize running your business after creating an IP strategy that encompasses the following three core elements:

IP Protection: Intellectual Property Law provides exclusionary rights that undoubtedly prevent the misuse of your IP assets, but the continuous advancements in technology are making it a bit sophisticated for the people to use them appropriately. Hence, there is a crucial need to create and use an IP strategy that includes defensive publishing as one of its vital parts. It will aid you in not only keeping the exclusionary rights robust throughout their lifespan but also in staying safe against the two below-given hazardous threats.

Patent trolls, which apply to patents, focus only on collecting license fees or penalty charges from the party involved in Patent Infringement.
Picket-fence processes in which competitors who desire to erode your core patent’s value, patent some incremental improvements over it, and get a license for leveraging your core technology on preferential terms.

R&D Operations’ Optimization: Technologies and techniques associated with the traditional patent search processes are so intricate that a comprehensive search may take days to execute. Use state-of-the-art analysis tools and optimize your search processes as well as the ability to provide actionable insights. Moreover, there is a need to empower personnel to conduct searches by employing natural language queries rather than arcane syntax. These measures will boost up your decision-making ability, which further helps in building up a more competitive and agile company.

IP Assets’ Monetization: The justification of ‘how effective an IP strategy is’ mainly based on the top or bottom-line value it provides to an organization. Monetization is far beyond just enabling products to sell at a faster rate under the shield of Intellectual Property Rights Protection. An efficient IP strategy can help you to monetize your IP assets as well as identify infringers and potential licensing partners in both the private and public sectors.

Importance of IP Strategy

We are living in a rapidly developing economic world where the restrictions (due to developments) on several materials, like land, minerals, transportation, and many others are becoming prominent day-by-day. An IP strategy covers measures that expedite the creation, development, and management of IP assets along with maintaining a balance with restricted items. IP strategy, which consists of all crucial things like the company’s attributes, information about its products, etc., can help the firm in protecting and promoting their assets in a manner that ensure remarkable returns on IP-related investment. It also enables you to identify and evade the risks that may harm your organization anytime. Finally, we can say that an effectively designed IP strategy is one of the best means to ensure the commercial growth of any business in the present challenging era. For more visit: https://www.trademarkmaldives.com