Intellectual property a valuable asset

TDT | Manama

Email: mail@newsofbahrain.com

DR. ABDELGADIR WARSAMA GHALIB

For much of history, land was the most valuable form of property. It was the primary source of wealth and social status for long time, among others, like liquid and cash money, livestock, stocks, gold bullions and other assets. Today, intellectual property is a major source of wealth. New ideas such as, for manufacturing processes, computer programs, medicines, books, artisan works, bring both affluence and influence to the owner who used the creative mind.

Although all above such belongings can be valuable assets, whoever, between land, other similar assets and the intellectual property rights are differences, if not fundamentally different from each other.

The value of land, for example, lies in the owner’s right to exclude and to prevent others from entering it. Intellectual property rights, however, has little economic value unless others use it.

This ability to share intellectual property is both good news and bad. On the one hand, the owner can produce and sell unlimited copies of, say, a software program, but, on the other hand, the owner has no easy way to determine if someone is using the program for free. The high cost of developing intellectual property, combined with the low cost of reproducing it, makes it particularly vulnerable to theft. As much as 35 percent, if not more, of the software in use in America may be bootlegged. In other words, that is, copied and sold without permission from the real owner or his authorized delegate.

Due to the fact that and mainly because, intellectual property is nonexclusive, many people see no problem in using it for free. For example, some students often argue that it is okay to copy CDs for their friends. How can copying a few CDs hurt a big recording studio? Or others.

But if record companies earn lower royalties, they will produce fewer songs and music lovers everywhere will suffer. Some commentators suggest that the United States has been a technological leader partly because its laws have always provided strong protection for intellectual property.

The Constitution provided for patent protection early in the country’s history. In contrast, one of the oldest civilizations in the world, China, has been relatively slow in developing new technology. It did not institute a patent until 1985. This is just, for historical recording.

Nowadays, there is strong worldwide interest in developing and protecting all intellectual property rights. This simply shows, the deep desire to appreciate and welcome all good works coming from certain special talented minds. The intellectual property is the product of the mind, as long as we respect this fact, all minds will be very sharp and give special products for the interests of the owners and the whole human kind. We see now, many youngsters due to their new work in IT, have made great wealth. Luckily, this is their mind and their very personal product.

WIPO, played a significant role in promoting the importance of intellectual property and to convert its value to be of real financial gain to the owner. This will undoubtedly, encourage all bright minds to wake-up and give special yields of special monetary value apart from other uncountable values.

In Bahrain and Arab Gulf Countries (GCC), we are following the steps of WIPO and all other global trends. This was achieved by promulgating developed legislations to enhance the promotion of intellectual property and to give the real owner full protection, provided that there is proper legal registration within the legal parameters.

By doing this, we are adding value to the global impact of intellectual property and this will bring value to all of us.

(The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of the Daily Tribune)