The need to set up an intellectual property exchange in India for patent protection and trading, was proposed at a seminar on IP Rights in Electronics and IT Sector organised by the Confederation of Indian Industry here today.
Tabrez Ahmad, Chairman, Intellectual Property Committee, Manufacturers’ Association for Information Technology, said India needs such an exchange as the country has been falling back in terms of patent filings and protection.
He felt companies having patents could sell them to others through the proposed exchange for application in different fields and products. “This would be then totally market driven under a suitable regulatory framework,” he pointed out.
Although the IT sector had increased its international filings of IP rights, there was still a huge gap in IP generation and protection in this sector, he said.
It is estimated that an approximate $400 billion worth of electronic goods will be consumed in India by 2020, but the country can generate goods worth of $ 100 billion with the current capacity. “Hence, there is a requirement to bridge this gap,” Ahmad said.
Ramesh Datla, Chairman-CII National Committee of IP Owners, pointed out how IP can be used as a business tool among MSMEs for collaborative partnership with other organisations.
The CII had initiated a programme to raise awareness levels regarding IP rights amongst all stakeholders, including the customs department and the police.
The Government has also set up an India IP Foundation to come out with suggestions regarding effective changes in the policy.