India could soon have an Intellectual Property Exchange akin to Hong Kong, UK
India will soon have an Intellectual Property (IP) Exchange akin to that in Hong Kong and the United Kingdom.
July 03, 2017 / 10:58 AM IST
India will soon have an Intellectual Property (IP) Exchange akin to that in Hong Kong and the United Kingdom. IP Exchange is where intellectual property rights of individuals and commercial units in India and foreign countries can be bought and sold across a variety of sectors.
The Ministry of Science and Technology will develop the IP Exchange via the National Research Development Corporation (NRDC). The idea came around two months ago and has already received an in-principle approval from the ministry.
Intellectual property is the outcome of ideas and inventiveness into a product that can be bought and sold. Person(s) or entity which come up with innovative products can have the ownership rights on their inventions under the IP rights for a certain period. These rights include copyrights, patents, trademarks, and trade secrets.
“The process will take around 8-9 months for collecting data and setting up the exchange. We are already undertaking exercise of collecting necessary data and information on patents filed worldwide on multiple technologies, predominantly on agriculture and allied sectors,” the NRDC chairman and managing director H. Purushotham told Mint
In India, IP rights are given by Controller General of Patents, Designs and Trademarks (CGPDTM). In 2015-16, 3,41,086 applications were filed for IP rights as against 2,35,306 in 2011-12 indicating a 30 percent increase.
Purushotham pointed out the "commercial viability of patents" get expired in India due to the lack of avenues to sell. Every year around 2 lakh entities lose out on attaining the benefits of IPR.
“It will help to cut down bilateral and arbitrary negotiations between parties, bring transparency and simplify the buy/sell/license process.,” Vaibhav Vutts, founder of Vutts & Associates, a Delhi-based boutique IP firm, told Mint.
Tracking and verification of patents being bought, sold or licensed are some of the problems that can occur.