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5 Practical Reasons To Build A Career In Intellectual Property Rights
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The spirit of innovation must be inculcated in the youth from an early age. Innovation plays a significant role in helping a country grow on an economic and global scale. Keeping this in mind, the Government of India’s Ministry of Commerce and Industry wing has launched a unique examination cum reward program – the Intellectual Property Talent Search Examination. Targeted at the Indian youth, this initiative was launched with the objective of encouraging the youth to understand what is meant by intellectual property rights, its importance and to build a career in this field. Before we look at the reasons to build a career in this field, let’s understand the meaning of intellectual property and IP rights.
What is intellectual property?
Intellectual property is a term used in reference with providing moral and commercial value to creators and inventors for their innovative, intellectual products. The main objective of intellectual property is to foster a spirit of innovation among the public and allow them to reap economic and cultural benefits from their creation, while also benefiting the economy on a general level. Creations such as literary works, scientific discoveries, industrial processes and designs, commercial names etc. are common examples of intellectual property.
What is intellectual property rights?
Intellectual property owners reserve the right to earn monetary benefits from their creations. To earn these benefits they can choose to patent, trademark, copyright or even license their inventions. As such, intellectual property rights enable the inventor to exercise a monopoly on how the invention may be used and for how long. They can also get a financial boost and continue to improve their creation through means of research and development.
Reasons to build a career in intellectual property rights
Having explained what is intellectual property rights in India, let’s look at why one should consider a career in IPR.
The IP industry is growing exponentially: The IPR industry in India is at an all-time high, with a growth of 10% per annum, since 2015. More and more businesses in India are getting their products patented, licensed or trademarked.
You can find great jobs in the IPR segment: With the increase in the global market, several companies are outsourcing IPR jobs to India such as patent searching and docketing, paralegal jobs etc. With the high number of pharma, management and engineering graduates in India, patent analysis work is also being outsourced here.
IPR jobs come with good salary packages: The starting salary for fresh patent engineers in India is ₹300,000 per annum as compared to the IT industry in which engineers draw a mere ₹144,000 and have to be flexible with night shifts. Graduates from the field of M.Tech may even earn starting salaries of ₹500,000 per annum.
You can grow at a faster pace in the IP industry: Growing in a regular IT company is no longer easy. In contract, you can grow at a faster pace in the IP industry, particularly because this industry is still in its growth phase. Promotions also happen rapidly and people can expect higher hikes in salaries within 2 years of their career.
You get international exposure: Most of the products, whose patenting is outsourced to India, are launched in the international market, on a global scale. As such, you can handle international projects and may even get the opportunity to visit foreign countries where these company offices are located.
Now that you know what is intellectual property, IPR rights and why you should build a careers in the IPR field, you must consider it as a valid option for your future and make the most of it.
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