Why would someone want to protect intellectual property (IP) that could be profitable when made freely available? Are there certain forms of IP that should be made more public? As our economy and information sharing capability rapidly expands, these are some complicated questions that are still being researched and contested.
The tension between open access and traditional IP rights is becoming a major issue in the midst of the global epidemic. IPR and open access are fundamentally opposed to one another, to the extent that permitting one is detrimental to the other.
Traditional IP Rights
Traditional intellectual property refers to rights granted for intellectual creations such as inventions and artistic works.
These rights, which are most typically found in the form of patents, copyrights, trademarks, and trade secrets, are supported by a legal framework that grants the owner a limited monopoly over a particular product for a short time.
IP can be found almost everywhere and is critical for economic growth in areas including entertainment, publishing, pharmaceuticals, consumer electronics, and clothing, to mention a few.
Parties seeking legal protection for their intellectual property usually acquire patents for commercial reasons. Patents provide a framework for sharing protected work without sacrificing financial benefits such as product sales and royalties through licensing payments.
An individual investor, for example, may patent a medical gadget and subsequently sell it to a major corporation. The firm can frequently mass-produce the product at a lesser cost, lowering the cost to the user.
It’s a win-win situation for the patent owner, who benefits from the invention, the corporation that sells the item to the consumer, and the consumer who saves money on the equipment.
They are often beneficial to creative individuals who want to protect their own works, such as songs, literary works, movies, and computer software. Without copyright protection, the product could be diluted, reproduced, and misused without remuneration to the original inventor.
Businesses that use a particular phrase, symbol, or design to identify their products are also protected by IP. Trademark protection protects businesses that have built a brand and want to protect it from “copycats” like this, as well as customers who are otherwise disadvantaged by market confusion.
Initiatives in Open Source and Open Access
The program encourages open access sharing and provides instructions on how to disseminate knowledge without prejudice toward any individual or group of individuals.
It would also encourage new ideas and solutions to society’s larger problems, as well as create a level playing field for all entrepreneurs and individuals to compete on an equal basis with larger organizations with more resources.
As a result, these ideas are created to support and facilitate access to people who might not otherwise be able to purchase them.
The fundamentals of open access go against one of the most fundamental notions of intellectual property rights, which is to protect intellectual property. The parties seeking legal protection for their intellectual property are primarily motivated by commercial gain.
The patent helps to create a framework for sharing protected work without sacrificing commercial rewards such as product sales or licensing payments. An individual can, for example, patent his scientific gadget and subsequently sell it to a large firm.
Striking for a balance
It may be difficult to achieve a balance between traditional intellectual property rights and open access projects, because artists may consider the ramifications of doing something for the greater good, but they are also likely to consider how profitable their innovation may be.
However, this convergence has recently been witnessed in the Open COVID Pledge, which has brought the entire world together to battle the pandemic.
Participating in the Pledge has advantages: conquering the fight against the deadly COVID-19 virus will benefit humanity on a global scale and will necessitate worldwide engagement and collaboration. Pledge companies also earn public exposure for their participation, which generates goodwill that could lead to commercial rewards elsewhere.
Taking the commitment, however, may result in restrictions on IP licensing once the pandemic is ended. Prior to accepting the Pledge, there are some compliance issues that must be handled and considered.
While many companies have signed the Pledge and offered access to numerous patents and copyrights, several critical industries have been unable to completely embrace the Pledge’s values.
With a global economy that has been ushered in largely due to the incentives of traditional IP rights over the last 60 years, the question of how to strike a balance with the extraordinary benefits of open access principles will be a challenge, an opportunity, and possibly lead to a new innovation in and of itself.
As a result, Patentskart offers low-cost services, R&D assistance, and much more. With a panel of collaborative analytics; business-oriented innovations will now be hassle-free. Connect with us at Patentskart.com