Pragyanjali Prakhar, BA LL.B. (H), Amity Law School, Amity University, Uttar Pradesh
CHAPTER 1 INTRODUCTION
The work that people create with their minds is known as intellectual property. To advance science, technology, the arts, literature, and other creative endeavours as well as to foster and reward innovation, it should primarily be protected. A nation's economic and technological advancement will stall if intellectual property rights aren't protected. Therefore, the contribution of intellectual property is essential to a nation's economic and industrial development.
The "Competition law" seeks to prevent anti-competitive behaviour, promote and preserve market competition, safeguard consumer interests, and ensure the free flow of commerce among all market participants.2 The purpose of this legislation is to prevent stronger corporations from taking advantage of market dynamics for their own gain at the expense of customers.
The concept of IPRs, which derives from John Locke's concept of work, is to reward the author or innovator for their creative efforts. In a sense, the law grants the owner of intellectual property the right to prevent others from taking advantage of his creation. The foundation of IPR is the notion that creators of new technologies, systems, or devices should be granted the sole right to profit from their labour. "There would also be no way for the owner of the IPR to prevent others from using the innovator's research and development without paying for it if there were no exclusive right to exploit the invention through intellectual property rights."
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