Intellectual Property Rights and Traditional Knowledge - Economic Development

Abstract

Traditional Knowledge plays a vital part in sustainable economic development in a indigenous country. The innovations by community members with the help of Traditional Knowledge need to be protected under a legal regulations. This paper explores various laws and economic benefits for protecting and enhancing the Traditional knowledge in a competitive society. The importance of Domestic and International law for recognition of economical right for both Positive and Defensive Protection of Traditional Knowledge for legalization of original works. It further highlights the innovations in medicinal, artistic, mineral, forest, herbal formulas, organic farming, generic products, biotechnology etc... International agreements are signed in this regard to protect the rights of developing and underdeveloped countries.