WHY IS INTELLECTUAL PROPERTY SO IMPORTANT?



Intellectual property encourages innovation, creation, entrepreneurship, growth, and job creation.

The protection of rights in this area is vital to guarantee inventors and creators that no one is going to copy or steal the results of their work, which contributes to the education system, research, business activity and creativity of the population is integrated into the value chain that contributes to society the benefits derived from innovation, good practices, the use of distinctive signs, continuous improvement and the inventive activity of the Mexican scientific and industrial community.

It is a fact that the way of doing business has been transformed in recent decades due to technological advances and, therefore, the way of protecting intellectual property, of commercializing a right and registering a trademark or patent has also changed.

How to protect technological innovations? How to ensure the proper use of Big Data? What should be patented? How is data protected? How to negotiate commercialization agreements for industrial property assets? These are some of the questions that entrepreneurs are asking themselves today.

Intellectual property rights are assets that help increase the value of companies.

In our country, Intellectual Property is divided into: Copyright (literary, musical, artistic and photographic works, among others) and Industrial Property (inventions and registrations).

The Ministry of Economy, through the Mexican Institute of Industrial Property (IMPI) has the legal authority to administer the industrial property system at the national level.

The legal figures that the IMPI protects are: Patents, which are the rights granted to an inventor, be it a natural or legal person, over a new product, process or technology that proves to be new at the international level; Utility Model, which are the rights for those modifications to existing inventions, tools and machinery to improve their performance; and Industrial Designs, which are: Industrial model, Industrial drawing, Trademark, Commercial Notice, Commercial Name and Denomination of Origin.

The big challenge

Not all companies are fully aware of the benefits of intellectual property. Consequently, they do not adequately protect their inventions and creations. This can lead to misappropriations by third parties without the consent of their creators.

Many SMEs, start-ups and young entrepreneurs have trouble identifying the best way to protect their intellectual property. Sometimes they don't understand how it can help their business.

Millions of jobs around the world are at risk each year as a result of counterfeiting and piracy. Businesses often have to compete unfairly with counterfeit brands. Thousands of pirated items are seized daily at the borders. Counterfeit medicines, foods, and uncertified toys can pose serious health and safety risks. Illegal downloading of content is destroying jobs and discouraging the creation of new creative materials, such as movies and music. Not to mention that the piracy business is often part of organized crime.

In Mexico, reforms and additions to the Industrial Property Law came into force that contemplate various changes in procedures related to inventions, utility models, and industrial designs, as well as the inclusion of geographical indicators as a protection figure.

The complexity of intellectual property rules requires a good knowledge of the relevant legislation to achieve the best cost-benefit results when exercising protection rights. Good legal advice on the matter is always recommended.

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