The Evolving Landscape Of Intellectual Property Rights: Balancing Innovation And Public Interest

Atheesha M V, LLM, Sree Narayana Law College, Poothotta, affiliated to Mahatma Gandhi University, Kottayam, Kerala

Vignesh R Bhat, LLM, Sree Narayana Law College, Poothotta, affiliated to Mahatma Gandhi University, Kottayam, Kerala

ABSTRACT

The intellectual property rights framework can thus be said to be the "cornerstone of innovation, creativity, and economic growth." Exclusive rights to inventions works, or brands could not be more beneficial to creators in that this incentivizes new ideas and products, but exclusivity raises the delicate balance between private ownership and public interest in areas such as healthcare, technology, and digital media. The rapid revolution in technology in the digital era with the advent of the internet, artificial intelligence, and biotechnology has made matters significantly more complex for the application and enforcement of IPR. This paper discusses these complexities and particularly raises issues in three aspects - digital platforms, cross-border commerce, and how creativity and innovation are metamorphosing.

This paper derives important conclusions based on a critical analysis of some of the crucial Indian and international case laws such as Novartis AG v. Union of India and Diamond v. Chakrabarty, besides significant legislative frameworks like Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), on how interpretations of law have influenced the new IPR scenario. This article underlines the ever-increasing need for the protection of creators' rights and public access to essential knowledge, technology, and resources. More importantly, it tackles the requirement for IPR based on harmonization in a global approach in the face of globalization and technological advances. It argues that although IPR can, in itself, significantly contribute to innovation promotion, there has to be a flexible, adaptable legal framework for the sake of ensuring fair access and public welfare amid rapid technological change.