Why is intellectual property important? How does it relate to scientific research?
What is intellectual property?
Intellectual property, or IP, refers to “creations of the mind”, or the results of intellectual effort. The law provides various ways of protecting IP, whether it is created by carrying out scientific research, writing an opera, or designing a company logo.
Protection for IP includes patents for inventions, copyright and design rights for literary, dramatic and artistic works, and trademarks for logos and brand names. MRCT principally deals with patented inventions.
Protection lasts for different time periods depending on the type of right and gives the owner the exclusive right to exploit the IP during that time.
What can you do with intellectual property?
Like other kinds of property, IP can be bought and sold. Often, the right to use a patented invention is licensed to a larger company, usually in return for a fee or a share of any revenue generated later on. Confidential know-how or trade secrets can also be licensed in this way.
Who owns intellectual property?
Usually, IP belongs to whoever invented it and they are free to exploit their invention.
However, if the invention is made during the course of employment, the employer will own the IP. It is usual for the employer to exploit the invention, and then share any revenue generated with the original inventor or inventors.
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