India's Intellectual Property Exchange will be ready within 8-9 months
India is all set to have its own Intellectual Property (IP) Exchange like that of Hong Kong and the United Kingdom. This is to ensure that individuals and commercial entities based in India and overseas can buy and sell intellectual property rights. This exchange will be formed under the ministry of science and technology via National Research Development Corporation (NRDC). Here's all about it.
The wheels are already in motion
Around two months ago, the initiative of setting up an Intellectual Property (IP) Exchange was discussed in the ministry of science and technology. It's already been given in-principle approval. NRDC chairman and managing director H. Purushotham said that his organization has been given the responsibility of creating the proposed IP Exchange. It will take 8-9 months to collate data and set up this exchange.
NRDC is currently busy in collecting necessary data
The National Research Development Corporation (NRDC) is currently collecting the necessary data and patent information filed worldwide on multiple technologies with focus on agriculture and allied sectors. H. Purushotham said that the idea was to exploit the commercial viability of patents in India. These patents expire most of the times due to the lack of a proper platform to sell.
Why is this necessary?
Intellectual Property rights provide a person or company with the authority to use its home-grown plans, ideas, or other intangible assets exclusively for a period of time. These rights are usually given in the form of patents, designs, trademarks and geographical indications. According to H. Purushotham, India typically has a repository of 2 lakh patents every year which can be commercialized via IP Exchange.
Bringing clarity to the process
The Controller General of Patents, Designs and Trademarks (CGPDTM) issues intellectual property rights in India. Reportedly, India saw a 30% increase in filing of intellectual property applications during 2015-16 than previous years. CGPDTM annual reports show that 2,35,306 applications were filed in 2011-12 and 3,41,086 applications in 2015-16. An IP Exchange in India would elucidate buy/sell/license process of intellectual property and bring about transparency.
