Benefits of protecting Industrial Property Rights
It protects technical ideas, trademarks (brands) and designs from imitators.
For example, the owner of a patent has the sole right -i.e, a monopoly -for a maximum of 20 years; and for a utility model up to 10 years, exclusively the right to manufacture, use and market the subject of protection. He has the right of interdiction, thus he can prohibit third parties from copying, commercially using, and offering the protected product.
The Intellectual Property owner has the right to immediately demand a Cease and Desist order whenever his
industrial property right - which is known
to him - has been infringed, whereupon the violator has to pay the owner for the damages that has been incurred.
The owner of the property right must be informed by the infringer about the origin of the infringing goods. Any goods still in existence must be destroyed on the instructions of the owner.
Anyone who does not use his property right himself in production and distribution may
grant licenses - either an exclusive, sole license or several
Industrial property rights are a massive argument in marketing and sales as they enhance the reputation of a company significantly.