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Introduction
Intellectual Property rights are a critical aspect of the modern socio-economic world, considering the vast product creation occurring in various regions. The term Intellectual Property refers to the inventions, literary and artistic works, as well as any symbols, designs, or innovative information used in commerce (International Business Law, n.d.). To protect the Intellectual Property of individuals, the respective national and international laws have been introduced. In that way, Intellectual Property (IP) rights guarantee ones creation, use, and exploitation regarding their product (International Business Law, n.d.). Various forms of IP are recognized by such laws, including copyright, patents, trademarks, industrial designs, and other types of rights (International Business Law, n.d.). Evidently, the benefits of IP rights offer the assurance of the creators role, maintaining a fair competitive environment, as well as the ambitions to work on creative projects (International Business Law, n.d.). On the other hand, along with the clear advantages of the system, challenges of protecting the rights on different scales also appear.
The Challenges of Protecting Intellectual Property Rights on a Domestic and Global Scale
The IP laws are regulated on a national and international level, depending on the applications of the product. By definition, not all IP rights can be guaranteed internationally, as patents are only protected in the country of their origin (International Business Law, n.d.). Therefore, this challenges the creators ability to retain the originality of their product. Moreover, as in the example of copyright, the regulation only applies to the expression of ideas, not the idea itself (International Business Law, n.d.). These nuances, along with the copyrights territorial restrictions, constitute another limitation to the IP rights system. Generally, due to the alterations in each countrys judicial structure, the owner of an Intellectual Property cannot be guaranteed one specific form of protection of the idea. Different nations political situations and stances will inevitably influence the international possibilities of receiving an IP protecting regulation. Furthermore, in both cases, the processes involve registering and paying the expenses of the procedure, a possible challenge for beginner entrepreneurs.
The Disadvantageous Enforcement of Intellectual Property Rights in Less Developing Nations
The enforcement of Intellectual Property rights can prove disadvantageous to less developing nations due to the instability of their economic situation and the limited space provided for innovative creations. As previously mentioned, patents and other forms of IP regulation are costly procedures that would not be considered a practicable option in a developing country. While the application of IP rights would be beneficial for both developed and developing nations, the latter are characterized by more prominent socio-economic issues that are consequently prioritized as the national goal. Moreover, the idea that IP laws would stand in the way of the countrys progress and require additional reforms is assumed to be disadvantageous by the states heads. In collectivist nations, the idea of individualistic creations is not favored, and instead, the principle of local industry is enforced (Sherwood, 2019). Furthermore, the influence of the nations economy and development on international trademarks and other IP rights would only increase its dependency on other countries, proving disadvantageous.
Conclusion
Hence, while IP rights are an essential aspect of modern domestic and international economic development, the regulations involve costly procedures with corresponding disadvantages. While there are many types of IP laws, each type possesses limitations to its application geographically and time-wise. The overall costs of receiving any of the IP forms present a major barrier for individual creators with original ideas. Furthermore, many developing countries avoid the enforcement of IP rights for the mentioned reason, to preserve national resources for more critical causes. Considering the discussed disadvantages and challenges following the regulation of IP, its prominent benefits for modern economic development must also be regarded.
References
International Business Law. (n.d.). Chapter 8: Intellectual Property and International Business. In International Business Law. [PowerPoint slides].
Sherwood, R. M. (2019). Intellectual Property and economic development. Routledge.
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