PCT stands for Patent Cooperation Treaty. It is an international treaty for claiming one’s domestic priority in member countries of PCT. Through PCT one can file applications in countries of interest within 30 months of the priority date.
Under the PCT system, a patent search report is provided and on demand a preliminary examination of application is also done. This additional information helps in delaying the investment by 30 months.
Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It is the result of persons Intellectual Activities.
Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce. Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially.
These rights are statutory rights governed in accordance with the provisions of corresponding legislations. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind.
The intellectual property is classified into seven categories i.e . (1) Patent (2) Industrial Design (3) Trade Marks (4) Copyright (5) Geographical Indications (6) Lay out designs of integrated circuits (7) Protection of undisclosed information/Trade Secret according to TRIPs agreements.