Category FAQs Search : Intellectual Property
Question: Why Is Intellectual Property Law Important?
Answer: Intellectual property is an important asset in any company, especially if the nature of the company’s work is inventive.
The technology and life sciences sectors, for example, are innovating rapidly, and key players in these fields are focusing on investing in research and new products. Intellectual property law protects these products and is therefore fundamental to support a company’s continued growth.
Technology and the age of the internet have sparked numerous problems for establishing IP rights. Websites illegally streaming films, TV and music are everywhere and artists are just now finding that their intellectual property rights have been infringed online.
Globalisation and cross-border disputes over intellectual property rights make this area of law even more complex, especially with the difficulties in enforcing penalties to those infringing another’s IP rights across two or more jurisdictions.
Brexit also introduces some interesting questions concerning trademark law. Where UK businesses have opted for the EU trademark (as this is much broader in scope), they may now need to reapply for the UK trademark, which is likely to cause disputes arising over trademark conflicts.
(Source: The Lawyer Portal, 08 Sep 2021)