We often hear the word Intellectual property and the rights to protect it. The Intellectual property rights law and competition law, in fact, are spoken about either in accordance with their contradicting nature. So, what exactly do these laws correspond to and what is the interface between the two? Read on to know more.
What is Intellectual Property Law?
Intellectual Property Law is aimed at safeguarding the intellectual property rights. So what is intellectual property? Unlike tangible properties such as a house or a car that you can touch and have an exclusive right on by the law, there are certain intangible properties which are a creation of the human mind. These properties at times have a very high material value attached to it. A brand name is an excellent example of intellectual property. These intangible properties are translated into a tangible form and should be protected as they are unique and innovative.
The intellectual property law thus protects the new and original ideas in all fields and safeguard them promoting innovation in various industries. This also helps in promoting economic growth.
What is Competition law?
As opposed to the IP law the competition law helps protect the market from hazardous monopolies adapted by companies and promotes healthy competition. Monopoly is not good for any market and can prove as a significant roadblock in economic growth. Thus competition law helps against the restrictions on fair and free trade by promoting competition.
Objectives of IPR and competition law
The IPR law and the competition law are both quite contradictory in nature.
The IPR law safeguards the intellectual properties and hence in a way promotes monopoly, on the other hand, competition law promotes competition even against the big organisations.
The IPR law promotes innovation and the competition law promotes free trade.
The competition law also supervises mergers and joint ventures for any illegal or market dominating practices.
Competition law also helps reducing customer dissatisfaction by promoting various options in the market. In a way competition law also promotes innovation and market growth.
Interface between IPR and Competition law
Even though the IPR law and competition law seem to be acting in opposite direction, they work in their own way to shape a healthy economy. The IPR law protects the intellectual properties and thus sets the discipline for the competition law. By protecting the intellectual property, the IPR law helps creates jobs and a sustainable economic condition with innovative ideas. The competition law, on the other hand, removes the monopoly and creates and promotes healthy competition in the market promoting and pushing innovation. Thus it can be said that both these laws are interlinked and work in parallel ways to help achieve the desired economic growth.
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