According to another study, it was found that in the year 1978, 80 per cent of corporate assets were tangible assets and 20 per cent were intangible assets and that by the year 1997, the relative value of tangible and intangible assets had reversed where 73 per cent of corporate assets were found to be intangible assets.

With the increasing value of intellectual property, the dangers of infringement of intellectual property rights have also risen resulting in major costs including the closing down of a business, as happened in case of Kodak when it lost the infringement case to Polaroid. Thus, it is of ever increasing importance to be aware of the extent, quality and use of intellectual property assets and to have processes and procedures to generate, perfect and protect intellectual property rights. This importance of intellectual property applies not only to industries and businesses but also to all creators of intellectual property, be it an inventor, artist, manufacturer et al, whosoever can use intellectual property as a tool for gaining a competitive edge. Moreover, different forms of intellectual property have different levels of importance to different business. For example, the Coke trademark and the formula for Coca Cola’s constituents are the most important intellectual property assets of the Coca Cola Company.

India is developing at a very impressive pace; it is a pioneer in outsourcing services and a knowledge economy. The country has a flourishing pharma, biotech and IT companies; the Indian pharmaceutical industry today is in the top rank of the country’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology.

The use of intellectual property as a major business strategy tool will play a key role in gaining the competitive advantage and compound the returns on investments. In the very near future, it is possible for India to be a pioneer in the medical innovations, if it enhances its capacity to generate and translate scientific and technological advancements into medical innovations. In order to achieve this goal, the two-key elements required is an abundant talent pool of inter-disciplinary of scientists and a supportive regulatory environment of protection of intellectual property.

There is a need for the development of scientific temperament and an early stage awareness of intellectual property creation and protection for the sustained successful intellectual property culture in all fields. Early stage awareness can be achieved by introducing the study of intellectual property rights at the elementary school level itself. It would inculcate in the child the sensitivity towards intellectual property rights, who would go on to harness the power of intellectual property and protect intellectual property in whatever profession the child goes on to master.

Legal educational institutes should necessarily make the study of intellectual property rights a mandatory subject for students to achieve the Law degree. The study of intellectual property rights in legal educational institutions is recommended, as the role of intellectual property rights is permeating into human endeavours and while intellectual property law specialists should be the priority for seeking consultation, any lawyer should be well versed in the law relating to intellectual property in the same manner as in other matters, for example, of real estate property.

Schools, universities, law institutes, business management schools and science and technology educational centres in general should impart knowledge on intellectual property rights and its role and importance in the economic and cultural development of society.

India boasts of one of the largest talent pool in science and technology. However, despite the potential domestic patent activity, India has not set off at the expected pace and proportion. India has an abundance of talent in the realm of science and technology. According to a report of the National Association of Software and Services Companies (NASSCOM), India produces about 5000 to 6714 science PhDs every year and about 21 persons out of every 1000 people are employed to work in Research and Development (R&D).

The patent regime in India has passed through various transitions to be in tune with the WTO-TRIPS agreement, but the country’s patent system has not generated sufficient patent activity, as compared to other patent systems of the world. The Indian Patent Office reports that the number of applications for patents, which were filed in 2007-2008 was 35,218, and out of which the number of applications for patents which were of Indian origin was only 6,040, approximately 17 per cent of the total number of patents applied for in that year.

Training in intellectual property and building its human capital is the need of the hour for India. The formal education of intellectual property will fulfill the need for sensitisation of Indians in general towards intellectual property and will produce well-versed legal professionals in intellectual property laws, whose services are needed to protect the intellectual property created, especially those of the Indian scientists, engineers and technologists in the sunrise sectors such as biotechnology, nanotechnology, information technology and bioinformatics.