As a result, resources are utilized to their maximum potential. Additionally, consumers will be able to purchase a greater variety of products with better quality at a lower price. As a result of fair competition, consumers, producers/sellers, and ultimately the entire economy are benefited.
The operation of intellectual property and competition is intertwined. The purpose of implementing the competition law is to prevent monopolies and promote competition, whereas the purpose of protecting intellectual property is to protect research and development. On the one hand, Intellectual Property Laws promote monopolistic rights, while Competition Laws combat them.
It is the goal of competition law to curb the abuse of market power by dominant companies, to prevent monopolization of production, and to encourage new companies to enter the market. As a result, the main objectives of the Competition Act are to protect the interests of consumers and ensure the freedom of trade.
As a result of the Competition Act, 2002, the intention of Intellectual Property Rights has been widely accepted when framing provisions, and the act does not eliminate the dominance which an individual achieves due to such Intellectual Property Rights. Therefore, it is imperative that a balanced approach is taken in order to construct a statute that is harmoniously constructed, as well as to clarify much on the different jurisdictional opinions that must be taken into account.
The plaintiff, in this case, is Toyota Jidosha Kabushiki Kaisha and they seek to prevent the defendant, a spare parts supplier by the name M/S Prius Auto Industries Limited, from the usage of the trademarks- “Toyota”, “Innova”, and “Prius”. According to the finding of the court, two of the three trademarks mentioned, namely Toyota and […]
Intellectual property rights create a situation in which the inventor or the creator enjoys full ownership and rights to commercial exploitation of his creation while everyone else is excluded. The justification is that such a creation, if it has material value, must benefit the creator while preventing others who would otherwise commercially exploit the concept […]
WIPO defines copyright as the right of creators to ownership of their creations and to make use for commercial or other purposes. Copyright today covers literary creations, printed material, computer programs, data, audiovisual media, dance, paintings and drawings, photographs, sculpture, architecture, ad material, technical drawings and others that are the outcome of intellectual effort. From […]