The Disregarded Facet of IPR: A Study of Trade Secrets and the Indian Context
Volume III, Issue III, 2020
The rapid pace of globalization and technological advancements have created an environment which offers a plethora of products and services. While this has resulted in the growth of economy along with acting as a driving force for competition and innovation in the market, it has also given impetus to a very significant branch of law known as the Intellectual Property Rights. Industries and organizations enormously rely on enforcement of patents, trademarks and copyrights to protect their business interests and services while it is equally important for the customers as it helps to identify original and quality products/services.
This paper focuses specially on the sub-category of Trade Secrets under Intellectual Property Rights and discusses the Indian legal system for protection of trade secrets while analyzing the existing trade secret laws. Protecting trade secrets is the basis for encouraging market innovation and to attract foreign investment and promote a healthy competition. Trade secrets make commercial activities positive and fair among competitors, so it is necessary to ensure that laws effectively protect their trade-related confidential information from competitors and the public.
Trade secrets are relatively a new branch of intellectual property which is gaining a lot of traction, because in the era of globalization, the failure or success of any company depends on its trade secrets. Hence it is of paramount importance that India strives towards implementing the highest standards for protection of trade secrets which shall also ensure a fair and competitive market economy.
Keyword(s): Trade Secret, Confidential Information, Intellectual Property Rights, Competition, Economy.