In global business, issues related to intellectual property are more important than ever. Intellectual property includes rights granted to owners to protect creations, such as patents, trademarks, copyrights, and works of art. These rights are used to protect the intellectual property of their owners, provide an impetus for creativity and innovation, and create an equal business environment for all parties involved.
However, issues related to intellectual property in global trade also pose challenges for businesses and governments. One of those challenges is the protection of intellectual property rights internationally.
Intellectual property rights are usually protected only in the country that grants the registration, so protecting intellectual property rights internationally can be complex. Therefore, businesses need to come up with a global intellectual property protection strategy, including finding ways to register international patents and protect their trademarks globally through International registration of trademarks.
Some of the tools of global protection, which give registrants easy access to many countries at the same time for intellectual property, include: Madrid System (Registration of Trademarks), PCT Treaty (Registration of Patents), The Hague System (Registration of Industrial Designs).
Another issue related to intellectual property in global trade is the resolution of intellectual property disputes between the parties. This may include the resolution of disputes relating to patents, trademarks and copyrights.
The resolution of these disputes needs to be done fairly and effectively to ensure that all stakeholders are treated equally and to avoid loss of creative impetus, thereby affecting the stability and sustainability of the economy.
Intellectual property protection is one of the important tools to ensure the continued development of human civilization. However, from another angle, if the intellectual property system is too tight, it can lead to counterproductive effects, affecting other aspects of life.
A good example can be mentioned is in the protection of the Covid-19 vaccine patent during the Covid-19 crisis in 2020-2021. It is in the protection of intellectual property that pharmaceutical companies have a legal basis to refuse to share vaccine formulations, resulting in incalculable loss of life.
After that crisis, countries and international organizations have researched on mechanisms to temporarily exempt intellectual property rights if intellectual property owners do not cooperate, or do not cooperate enough, causing serious consequences, affecting human life or property.
Thereby, when implementing intellectual property rights protection in global trade, it is also necessary to pay attention to other important factors in society.
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