Significance of Intellectual Property (IP) And Related Opportunities For Professionals

The field of IP covers patents, trade marks, tradeits talent pool. Special training programs have been
secrets, designs and other creative forms of humandeveloped for Patent examiners and government
endeavour, which increasingly constitutes a verybodies like TIFAC, CSIR etc, India has shown its
significant component of success for companies andcommitment to its people and promised to the World
nations. In today's globalize world, Intellectual propertyto meet the Millennium Development Goals (MDGs)...,
(IP) plays a significant role, at a micro level it isIndia has one of the largest numbers of talent pool of
ownership of rights by individuals and socially beneficialtechnology, science and engineers graduates from
product development and at a macro level it is growtharound the world. NASSCOM report states that India
of industries and economy of a country. IP haschurns out about 5000-6714 persons are granted
become a topic of debate as it touches every aspectScience Ph D's every year and about 21 researchers
of everyday life. There are groups who stronglyper 1000 persons are employed in R & D staff at
oppose IP protection as they feel it will establishwork in science or industry. It has some of the most
monopolies to their detriment, whereas somerenowned technology institutes such as IIT's and
stake-holders feel it is the path to innovation andREC's. But surprisingly, not a single institution or training
industrialization. Even though Intellectual Property mayprogram exists that offers IP and the entire gamut of
have short-term uncertainties of price escalation andpatent portfolio management as a full-fledged "career
accessibility issues, in the long run the benefits faroption" for science graduates.
outweigh the weaknesses, if any. IP creates incentivesTraining in IP, patents and building its human capital is
for people to create and innovate, for companies tothe need of the hour for India. According to a report by
develop new product lines, which in turn is the key toDepartment of Micro and Small Enterprises, India, the
industrialization that is a contributor to enhancing theMicro & Small Enterprises (MSE) Sector is one of the
Country's economy.most vibrant sectors of the Indian economy. With
As India moves from a developing nation to becomingnearly 12.8 million units (over 90 per cent of total
a pioneer in outsourcing services and a knowledgeindustrial units) in this Sector employing nearly 31 million
economy, IP has taken a new place for India'speople. This MSE sector accounts for nearly 39 per
inventors and growing Industries. To sustain its growthcent of the industrial production and 33 per cent of the
and to keep pace with the global competition, there isexports. However, this sector is not coming forward to
definite requirement to innovate, protect and builduse IP as a major business strategy. The involvement
commercial and business strategy tools...of entrepreneurs and business managers is required
So far India suffered from an awareness of IP andso that the IP generated by MSEs can play a key role
often lacked resources to leverage its IP commercially.in gaining competitive advantage and enhancing returns
In recent years India has moved up the value chain byon investments. The key challenge is to build skills so
its people and industries having gathered a betterthat there is a positive and proactive use of the IP
understanding IP, which is evident from its burgeoningsystem..
Biotech, Pharma & IT Companies and GovernmentIP is a source of creating lucrative job opportunities
initiatives. India's Pharma & Biotech companies haveand career opportunities for technically qualified
challenged some of the largest pharma MNC's of theprofessionals, academia and scientists. A number of
world; have withstood litigation in various foreignacademic institutes have started courses on IP, which
jurisdictions. Also, the Government has shown ingenuityare either short term programs or specialization at the
by issuing proclamations to pump crores of Rupees topost-graduate level.
energize its patent offices, science labs and strengthen