Intellectual Property

Globalization has changed the way the businesses function and outsources or source their products and services. The management of supply chains today differs vastly from what it used to be earlier. The company that has operations overseas are developing offshore manufacturing as well as distribution centers, and thus, the economy across the globe continues to get more and more interconnected. There is a need to create a patent system as it would help the domestic and regional economies greatly. As the former director general of the World Intellectual Property Organization or WIPO, Kamil Idris says that intellectual property as the economic drivers is essential to every country.

Kamil Idris says that it is necessary that every country take Intellectual Property seriously and make a political commitment and have a will to develop its laws and guidelines further. Creating awareness about the significance of Intellectual Property and the need to respect its laws in every sector would help its protection. Kamil Idris says that the local legislative, as well as the infrastructural and political operatives, should be willing to upheld Intellectual property. Due to the globalization at a massive scale that is happening worldwide, Kamil Idris says that there are many pitfalls of Intellectual Property that are surfacing in the form of counterfeiting and piracy. It is also becoming difficult to process massive amounts of patent registration’s backlogs.

Kamil Idris says that due to the secure communication channels available worldwide and the seamless supply chain management operations that can be created with ease, the intellectual property rights in many cases are disregarded. It has facilitated the massive distribution of pirated and counterfeit products across the globe. Kamil Idris, who has been the director general of WIPO for over a decade said that WIPO plays a significant role here in protecting the intellectual property rights and controlling the problems of IP damage on various levels. About the intellectual property, Kamil Idris said that the tariff announced by the U.S President Donald Trump on China for trade exchanges would hit the latter hard. It is a result of the China stealing American IP on a massive scale for many years.