THE IMPORTANCE OF INTELLECTUAL PROPERTY RIGHTS AND INNOVATION

Intellectual property has increasingly assumed a vital role with the rapid pace of technological, scientific and medical innovation that we are witnessing today. Moreover, changes in the global economic environment have influenced the development of business models where intellectual property is a central element establishing value and potential growth. In India several new legislations for the protection of intellectual property rights (IPRs) have been passed to meet the international obligations under the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). Intellectual property has therefore grown into one of the world's biggest and fastest-growing fields of law thereby necessitating the demand for IP professionals well versed in this area to deal with (IPRs) across the national and international borders. India is ranked 42nd out of 55 global economies in the International Intellectual Property (IP) Index 2023 released by the U.S. Chambers of Commerce. Despite this ranking, the report suggests that India has the potential to become a leader for developing markets seeking to drive IP-driven innovation in their economies.