Awareness of IPR and the Profitability of SMEs

The process of Liberalization, Privatizafaon and Globalization has not left the small and medium sized manufacturing companies unaffected from the paradigm change in the business. The companies have to evolve the competitive strategies continuously for remaining ahead in the business. In today's business world, change is the only constant factor. Keeping this fact in the mind, the companies have to come out with really innovative products and smooth process of production. The small and medium sized manufacturing companies should identify the inventions and should go for patenting of such inventions. There is a time horizon attached to the patents. There could be product patent and /or process patent. If there is product patent then there would be no interest among the inventors to come out with new innovative process of production. The alternative methods of production could be economic and inexpensive, but the inventor cannot get the fruits of the invention, as that cannot be used to produce the same product, which has already been patented. Mostiy, this happens in chemiral and pharmaceutical industries. If there is a process patent, then it induces the innovators to think for the alternative methods of production of the same product. The small and medium-sized companies should capitalize on the patentable products/processes to withstand the intense global competition. This research will attempt to find out the real life cases where the companies have used the IPR to capitalize on its usefulness of innovativeness and could able to translate into their strengths to compete in the open market.