Today is World Intellectual Property Day

To raise awareness of how patents, copyright, trademarks, and industrial designs impact on our daily lives and to promote respect for the intellectual property rights of others, World Intellectual Property Day is observed on April 26 each year.

This year’s theme “Designing the Future” highlights how respect for intellectual property increases public understanding of what IP means and demonstrates how the intellectual properly system fosters not only music, the arts, and literature, but also all products and technological innovations that shape the future of the world.

The concept of copyright and intellectual property is enshrined in the Intellectual Property Code which states that government has the power to promote the progress of science and the useful arts by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries. Artists and creators should be able to enjoy the fruits of their labor for a specified time period, after which the material becomes available for public use. Society benefits from the copyright laws because this incentive to create will yield a rich and valuable cultural menu for its citizens.

Intellectual property issues are getting more attention these days. The assurance of quality and accountability is lost when counterfeiters illegally use a trademark and deceive consumers with their goods. Many international institutions such as the World Bank, the World Intellectual Property Organization, and the UNESCO recognize the link.

By increasing public awareness of what intellectual property means and how important it is to value the intellectual property rights of others, the event gives all stakeholders the opportunity to make broader decisions to meet their goals.