Intellectual Property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images used in commerce. IP is protected by law, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefits from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
Common types of intellectual property rights include, patents, copyrights, industrial design rights, trademarks, trade dress, and in some jurisdictions trade secrets. There are also more specialized varieties, such as circuit designs and industrial design rights, supplementary protection certificates for pharmaceutical products and database rights.
The environments in Pakistan not being IPR friendly, Pakistani investors and foreign companies are reluctant to invest in Pakistan. Even the industry already established in Pakistan is struggling hard for its survival and fight against counterfeiters on its own because no worthwhile efforts are being exercised by government of Pakistan to enforce IPR law, thus forcing the industry to hire 3rd parties to protect their popular brands from counterfeits and infringements.
