There are several compelling reasons to promote and protect IP through efficient and equitable IP system:
- legal protection of new creations encourages the commitment of additional resources for further innovation,
- spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life,
- progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture,
- strike a balance between the interests of innovators and the public interest, providing an environment in which creativity and invention can flourish, for the benefit of all, and
- realize intellectual property’s potential as a catalyst for economic development and social and cultural well-being
The WIPO in 1967 provided the following list of subject matter protected by intellectual property rights: literary, artistic and scientific works; performances of performing artists, phonograms, and broadcasts; inventions in all fields of human endeavor; scientific discoveries; industrial designs; trademarks, service marks, and commercial names and designations; protection against unfair competition; and “all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields.”
