In November 2014, the government set up an IPR think-tank to draft the IPR policy, pursuant to which on May 12, 2016, the government approved the much-awaited National Intellectual Property Rights (IPR) Policy(hereinafter referred to as “the Policy”). The Policy aims at promoting the IP regime and to encourage creativity, innovation and entrepreneurship in India. Its rationale lies in the need to create awareness about the importance of IPRs as a marketable financial asset and economic tool.
The vision of this policy is to nurture the IP culture, guiding and enabling all creators and inventors to realize their potential for generating, protecting and utilizing IPRs which would contribute to wealth creation, employment opportunities and business development. It has been introduced with an intension of creating awareness about the importance of IPRs as a marketable financial asset and economic tool. It is directed towards encouraging the potential investors and strategic partners to invest in India.
The Policy has been structured around seven broad objectives which have been stated below (several highlights of the objectives being):
1) IPR AWARENESS:
2) GENERATION OF IPRS:
A. INCENTIVES AND FUNDING FOR PROMOTING IPR:
B. PROMOTING AND UTILIZING TRADITIONAL KNOWLEDGE
C. INCREASING AWARENESS
3) LEGAL AND LEGISLATIVE FRAMEWORK:
A. ENHANCE TRANSPARENCY AND EFFICIENCY
Reviewing and updating the IP related rules, guidelines, procedures and practices for clarity, simplification, streamlining, transparency and time bound processes in administration and enforcement of IP rights.
4) ADMINISTRATION AND MANAGEMENT:
A. MODERNIZE AND STRENGTHEN SERVICE-ORIENTED IPR ADMINISTRATION
B. GUIDELINES FOR ADVANCEMENT TO THE OFFICE OF THE CONTROLLER GENERAL OF PATENTS DESIGNS AND TRADEMARKS
C. GUIDELINES TO THE OFFICE OF REGISTRAR OF COPYRIGHTS
5) COMMERCIALIZATION OF IPR:
A. PROMOTING LISENCING
B. ENSURE AFFORDABLE MEDICINES AND HEALTHCARE SOLUTIONS BY:
6) ENFORCEMENT AND ADJUDICATION
STRENGTHENING ENFORCEMENT MEASURES
FACILITATE EFFECTIVE ADJUDICATION OF IP DISPUTES
7) HUMAN CAPITAL DEVELOPMENT
Strengthening IP Teaching, Research and Training in collaboration with WIPO, WTO, other International Organizations and reputed Foreign Universities.
Under the aegis of the National IPR policy, the government is trying to foster an atmosphere where everything the industry creates is registered. This move shall facilitate in curbing counterfeits. Making Department of Industrial Policy & Promotion the single nodal agency on IPRs will reduce inter-departmental confusions and leverage linkages. Encouraging innovation through protection and enforcement of IPR Rights, shall help achieve the necessary balance in the IP regime in attaining the much needed economic growth and advancements.
All in all, this is an all-encompassing IPR policy which focuses at promoting a holistic and conducive ecosystem to catalyse the full potential of intellectual property for India's growth and socio-cultural development, while protecting public interest. The incentives and proposals specified by the government in the National IPR Policy will certainly boost the Research & Development in India. We expect multifarious increase in startups consequent to which, filing of applications is expected to increase profusely as well.
As and when the National IPR Policy comes into full effect, we believe that it has the potential to further extend IP protection to India, as India is bound to become a major player for commercialization and enforcement of IPRs both from manufacturing point of view and also from the standpoint of the large consumer base that it provides.
The complete Policy can be viewed in full here