With high profile mergers, corporate acquisitions, public offerings, and litigations come an increased interest in intellectual property rights of the companies involved. But many organizations and businesses still fail to understand the importance of and possible risks to their intellectual property. This can often account for a higher percentage of a company’s value.
Intellectual property rights in the Philippines are all too often neglected because companies fail to put up appropriate protection around their intellectual property. Inaction as to the protection of IP rights can mean serious threats not only to the security, but also the success of an organization.
Intellectual property is a generic term used to refer to all intangible assets that are either owned or legally protected by an organization. This protection keeps other entities from using or implementing another’s intellectual property outside of the owner-organization’s knowledge or without its consent.
Intellectual property strengthens a company’s competitive advantages, which is why defining it as a legitimate asset is critical to giving it the same protective rights as any physical property. Obtaining protective rights to your intellectual properties is crucial because it prevents the replication of your innovation by potential competitors—a real and serious threat in the mobile technology sector as well as web based business environments, for instance.
An organization that secures IP ownership can find value in IPR investigations in many ways. This includes internal benefits, for the IP’s use in a company’s own processes and provision of services and goods to customers, as well as external benefits through sharing it and earning royalties.
Royalty right(s) is a legal mechanism that allows organizations, institutions, and individuals to protect their creation and earn greater (oftentimes monetary) value from it as the technology/process/knowledge is shared with others.
An extensive international legal system that defines, protects, and enforces intellectual property rights is in place. This comprises both international organizations, processes and multilateral treaties—great examples of which include TRIPs or Trade-Related Aspects of Intellectual Property Rights, WIPO or World Intellectual Property Organization, WCO or World Customs Organization, WTO or World Trade Organization, UNCITRAL or United Nations Commission on International Trade Law, and the EU or European Union.
Just the same, variations in the enforcement and respect for these rights do exist at the local level, which is why it is best to find expert organizations to handle your IPR investigations and enforcement actions for institutional issues regarding intellectual property rights Philippines. And, you need to go no further than contacting us at OSI.