INTELLECTUAL PROPERTY EXCHANGE IN INDIA

However, again in yet another remarkable development in fostering innovation, creativity and also intellectual property protection in India, the Government has however announced that an Intellectual Property Exchange will thus be developed under the Ministry of Science and Technology through the National Research Development Corporation (NRDC). The Exchange will thus however enable the individuals and/or the corporate entities to however buy and sell the IP rights across various sectors.

The said move which thus has been initiated by the Government of India is welcomed by the inventors and also the industrial houses alike, the same would thus also facilitate monetization of IP, benefiting the inventors and also however resulting in manufacturing and availability of better technologies to the public at large. The said exchange would thus also not only be limited to the inventions or patents but may thus either also include facilitating monetization or either commercialization of copyrights, designs, trademarks, geographical indication, etc.

As per the news reports, the idea of thus setting up a patent exchange which is similar to those in Hong Kong and the UK was thus floated in the Government Ministry around two months ago. The project has thus already got in-principle approval from the Ministry of Science and Technology. The ministry says that it has been mandated with the task of creation of the proposed IP exchange and that the process will thus however take around 8-9 months for collecting data and also setting up the exchange. It is thus already undertaking the exercise of collecting necessary data and also information on the patents filed worldwide on the multiple technologies, predominantly on agriculture and allied sectors.

The Annual Report which has been furnished by the Controller General of Patents, Designs and Trademarks (CGPDTM) of 2015-16, India stated that there is however about 30% increase in filing of the intellectual property applications thus compared to the previous years. In the years 2015-16, about 3,41,086 applications were however filed for the IP rights as against 2,35,306 in the years 2011-12. Accordingly, while there has thus also been a continuous increase in filing of an intellectual property, a need is thus also felt for a viable platform which is thus supported by the Government for commercialization of the registered intellectual property. This requirement of commercializing the IP would thus also be catered by the Intellectual Property Exchange of India. The effectiveness of the said move to however setup the Exchange would also certainly depend upon the execution of the proposals on the paper to be effected by the Government functionaries.

The challenge would thus however also be to keep the process and working of the Exchange transparent with however accountability thus on the Executives of the Exchange. The processes and/or the protocols which are thus to be adopted for the same would also however be crucial in the functioning and success of the said Exchange. Also, One of the salient objectives and also benefit for such a centralized IP Exchange would thus also be to monitor and also reduce the arbitrary negotiations amongst the parties and also to facilitate constructive talks so as to result in the reasonable benefits to both the parties. The IP Exchange would thus however also act as a centralized library or a market wherein the patent or the right holders would thus showcase their IP and the interested parties can thus also approach the said IP right holders for the licenses or either purchase of the same.

However, while we look into the view of the promising numbers in terms of growth of innovation and also the patents in India, the Exchange would thus certainly propel the country's agenda of however providing equitable and transparent platform for thus reaping the benefits out of the intellectual property creations/registrations in India.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.