Global Diffusion of Intellectual Property Rights: Analysis on Challenges and Benefits

Abstract

Throughout history, we experienced the development of many legal approaches with the aim to preserve and safeguard intellectual property rights, granted to individuals over their intellectual work. This dissertation examines the overall efficiency of the system, the mechanisms employed to enforce IPRs, as well as the countries’ evolution when it comes to their roles in this changing international policy environment. The research covers also the importance of intellectual property rights in economic activity and highlights some emerging trends in the IPRs field through a brief econometric analysis, which demonstrates the significance of IPRs in both the production of intellectual assets and the application of private knowledge for the overall business performance. Intangible resources have become more crucial for companies as a method to differentiate themselves from their competition, therefore, the intellectual property system is now desirable and vital for all economic players, particularly small and medium-sized companies. However, observed data shows that small and medium-sized enterprises have major problems in properly exploiting the IPRs, which might limit their capacity to leverage their creative and innovative talents; thus, the paper looks into some of the barriers and techniques used to overcome them. Worldwide, countries have coordinated and aligned to a significant degree their legislation protecting intangible goods. A substantial harmonization of intellectual property laws is best seen as form of policy diffusion, which means that states generally do not develop such laws to respond to domestic policy concerns. The study then examines the difficulties that developing countries face in changing their intellectual property rights regimes while minimizing the negative consequences of increased protection by focusing on foreign direct investment and trade. Finally, the analysis underlines the importance of developing an exit strategy to adopt during the pandemic, which necessitates financial organization, judgment, collaboration and a rigorous approach. Exit options must be offered in a transparent and timely way to give banks and governments time and flexibility to address economic activities and intellectual property issues that arise during the development of new medications, vaccines, and general technologies to tackle COVID-19's dangers.