India is a full-fledged member of the World Trade Organization and being a responsible member enjoys the rights and bound by certain obligations. In the multi-lateral trading system which the WTO has established the rights and obligations have been balanced in such a manner that it facilitates the conduct trade and commerce to the benefit of all the members.

Intellectual property is such a property, the WTO recognizes and attempts to protect the interests of the members. Thus it is very important to have a broad and proper understanding of what it precisely means.

An intellectual property in essence is a product of an intellectual process and has certain exclusive attributes. It is invisible and intangible. But the vehicles that is chosen may take an tangible form viz., patents, tradmarks, films, books, computer software, online services etc.

As it can be observed that all these contain ideas, information and creativity which need to be protected. And if the rights of a researcher who has succeeded in inventing a new product or process is not protected. A gross injustice would done to him by depriving him of the fruits of his research which may have taken a lifetime to achieve. When a researcher registers his patent in his name he can successfully secure his interests. He may sell his rights to any commercial entity and earn handsomely by way of royalty or he may even think of making an outright sale for a lump sum payment.

Ideas and knowledge have come to be accepted an important part of trade and commerce. And the new medicines or technologies which make their appearance in the market are the tangible object representing the ideas, invention, innovation that go into making them.

India is treasure trove of traditional knowledge and information and the need to patent them acquires significance in the light of the fact that some attempts are being made to take patents by foreign countries in relation to certain products and processes in which our country has traditional and exclusive rights.