Intellectual property can be a business tool, say experts

Participating in a virtual intellectual property summit organised by the CII, OP Gupta said the government was taking many steps to popularise the intellectual property regime.

By Author  |  Business Bureau  |  Published: 30th Jul 2020  12:40 am

Hyderabad: There is a need for commercialisation of intellectual property rights so that a new service or a product can be developed. Intellectual property can be used as a business tool, said OP Gupta, Controller General of Patents, Designs and Trade Marks, Intellectual Property Office.

Participating in a virtual intellectual property summit organised by the CII, he said the government was taking many steps to popularise the intellectual property regime. Among others, it has cut the cost as well as the time taken for filing an IP. The government has been working to promote IP through technology and innovation centres, Atal Innovation Labs and Tinkering Labs, he said. Citing the success of a few aggregator models, he said many startups were now on the path to success owing to the focus on building intellectual capital rather than physical assets. Creating of IP plays a key role in economic development, he said.

Jayesh Ranjan, IT and Industries Principal Secretary, said Telangana was now fifth in terms of IP filings and the effort will be to take it to the top three States. IP creation is a key step in India becoming self-reliant and pharmaceuticals, electronics, furniture, and toys present a wide scope for growth. He said the government of India was working to identify more sectors that can be developed using the IP.

Ban on a large number of apps would enable local companies to develop alternatives, he said. About 7,000 ideas have been submitted from India and some have been evaluated. Hyderabad companies also figure in the list.

Ranjan said understanding and knowledge of an issue, culture of innovation and IP regimes are the key requirements which will shape new products or services. The culture of innovation has just started taking shape but even today a majority of students look for placements rather than working on new products or services.

CII Telangana chairman Krishna Bodanapu, CII National Committee on Intellectual Property chairman Ramesh Datla, Intellectual Property Office of Singapore head (legal) and deputy director Dixon Soh, Japan Patent Office deputy commissioner Susumu Iwasaki and others spoke.

 


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