Intellectual Property Rights (IPRs) include (but are not limited to) the rights that arise from the protection of different forms of IP like a patent, trademark, copyright, to name a few. Generally, business firms and organizations either create their Intellectual Property (IP) assets and get the same registered to obtain the corresponding IP Rights or license specific IP Rights from some third-party for their use. During the ongoing COVID-19 pandemic – when most of the employees are working remotely and probably unsupervised, priorities are changing almost every other day, information is flowing freely, and budgets are tightening – companies and organizations need to stay diligent when it comes to protecting their IP portfolios. They must be more vigilant in all their IP practices to avoid and eliminate the loss of IP Rights. Additionally, they need to make sure that their licensees are also protecting their licensed IP Rights well.
It is a matter of fact that yes – once the companies and organizations resume operating from their workplaces, they wouldn’t want to know that they no longer have protections on some of their IP assets. Even worse in this scenario would be such companies losing upon the IP Rights they had licensed from a third-party, which, in turn, wouldn’t enable them to use those IP rights in their everyday business operations. Hence, without any second thoughts, the loss of IP Rights can have a massive impact on business companies and organizations.
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