Apr 20, 2009

Intellectual Property

Intellectual property Law (IP) is a legal definition of inventions, innovative ideas and other commercial products created out of an individual’s thought processes. In some aspects,IP is similar to real estate.IP is usually protected by patents,trademarks and copyrights,in the same way as real estate title and bills of sale establish ownership of concrete items.

One aspect which we need to consider is that not every new idea or innovation which appears in a person’s mind is considered as Intellectual Property.The IP law is usually utilized to prevent stealing of any innovations or ideas or to some copyright issues.Many people throughout the History of the world might have visualized long distance communicaton.But eventually it was Alexander Graham established the ownership of the telephone through IP law.

It is not necessary that Intellectual Property belongs to the original inventor.In cases where the Individual scientists working for pharmaceutical companies invent a drug for cancer or other diseases, the actual intellectual property rights will be held by the company as a whole.