| Delivering the keynote address at the inauguration of a two-day workshop on 'Managing Intellectual Property', he said that patents add value addition, cover the latest advancement in technology and add new information to the already existing information in every area of technology. |
| According to him, a patent rewarded the investment of time, money and effort associated with research. "It stimulates further research as competitors invent alternatives to patented inventions," he added. |
| Maity said that patents encourage innovation and investment in patented inventions by permitting companies to recover their research and development costs during the period of exclusive rights. |
| Maity further said that patents allow for more latitude in the exchange of information between research groups, help avoid duplicative research and most importantly increase the pool of public knowledge. |
| Maity thanked the Government of India for its commitment to protect IPR and mandate to spread awareness of IPR across all sections of the society. |
| Earlier, Prabuddha Ganguli, advisor Vision IPR, said that the intellectual property system was shifting from the developed countries to the developing and under developed countries. |
| "Industries must strategically use IPR and exploit intelligence in a fair manner to remain globally competitive," Ganguli said. |
| He added that the Indian industries must be reminded about the importance of patents and a good research and development facility. |
| He said that geographical indications could become a very powerful competitive tool for the communities to collectively get involved in manufacturing and marketing of agricultural goods, foodstuff and handicrafts. |
| According to Ganguli, the challenge is to design and operate institutional innovation processes that would preserve intellectual excellence and at the same time amicably fit into a disciplined formal IPR management system. |
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