Intellectual property must be intangible and non-physical
Chanda & Gupta 24 [Arnab Chanda, Assistant Professor in the Centre for Biomedical Engineering, IIT Delhi, and a joint faculty at the Department of Biomedical Engineering, AIIMS, Delhi, Shubham Gupta, Ph.D. scholar and Prime Minister Research Fellow (PMRF) in the Disease and Injury Mechanics Lab (DIML), IIT Delhi, June 27, 2024, Productivity Press, ISBN 9781003475309, Healthcare Entrepreneurship and Management: A Comprehensive Guide for Biomedical Engineers and Entrepreneurs, Chapter 17, “Introduction to Intellectual Property”, //zrubin]
IP is a broad categorisation encompassing intangible assets owned and legally shielded by individuals or entities, barring external utilisation or implementation without explicit consent. An intangible asset, in this context, refers to a non-physical possession owned by a company or an individual [3]. The fundamental idea behind IP is that creations of the human intellect should be granted protective rights comparable to those safeguarding tangible assets, or physical property. Consequently, most developed economies have instituted legal frameworks to protect both tangible and intangible forms of property. IP constitutes a broad category encompassing intangible assets, devoid of any physical presence, that emanate from human intellect. This diverse array of IP includes, but is not limited to, artworks, symbols, logos, brand names, and designs.