Nepal Introduces New Industrial Property Act to Modernize Intellectual and Industrial Property Administration
Summary
Nepal has introduced the new Industrial Property Act, 2082 to modernize intellectual and industrial property administration, protecting traditional knowledge, startups, and geographical indications, while also aligning with WTO standards to attract foreign investment.
Key Points
- Nepal has drafted the Industrial Property Act, 2082 to update intellectual and industrial property laws from a nearly 60-year-old system.
- The bill legally recognizes geographical indications, enabling products like Ilam's tea and Jumla's apples to be trademarked and protected from counterfeit goods.
- Strict penalties, including fines up to 1.5 million rupees, have been introduced for theft of business ideas, trademarks, patents, and trade secrets.
- The Act includes provisions for compulsory licensing to break patent monopolies on essential medicines during national crises and establishes a dedicated Industrial Property Office for better administration.
