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2012 Convergence [1] (2012)

handle is hein.journals/convrg12012 and id is 1 raw text is: Fighting Counterfeit in Lebanon Tuesday 11 September 2012 Rany JSader (Beirut, Lebanon)* Intellectual property (IP)is increasingly becoming one of the main priorities of both businesses and individuals in the 21st Century. Its value, despite the difficulty in measuring it due to its nature,' has become a major concern in today's economy, referred to as the new IP economy'. Few things happen in this new economy without ideas leading to innovation: it is the creation, acquisition and exploitation of exclusive, valuable, and powerful IP rights, which build strong and successfulbusinesses. These rights are becoming major players in the growth of multinationals as much as SMEs, thus inside any strategic or forward thinking entities. IP rights (or IPRs) are treated now as core corporate assets (intellectual assets or IAs). It is worth keeping in mind that any misguided policy in managing a company's IPRs will have direct negative effects on its future. Moreover, knockoffs can seriously knock out some businesses? which is why decision makers have to be vigilant about the IPRs of companies, and aware of the way they should be managed, to avoid any costly mistakes or lost opportunities, and thus expand the capacities of their company.Nowadays, the protection of property rights is considered one of the keystones ofa free and flourishing society'.1 Importance of trademarks Allbusinesses own trademarks and other trade identity symbols. The evolution of IP has meant that without trademarks, no business entity can compete and survive in a free market economy.4Usually, trademarks can be obtained at very little cost; however, they could acquire a notoriety that will make them worth more than other assets. Trademarks constitute, on average, 18 per cent of the totalbusiness value of leading companies.! Furthermore, rights over a trademark can exist indefinitely through registration and its subsequent renewal, unlike patents and copyrights. However, in order to keep it 'alive', a trademark owner has an obligation to monitor and police their rights.Unfortunately, trademarks can stillbe attacked through different means, for example, they may be lost if not maintained effectively. So, it is important torecognisethat trademarks have no realvalue unless they are protected and rights are enforced. Fighting a worldwide 'economic cancer': the counterfeit industry Some consider counterfeiting6 the 'crime of the century'; others consider fighting it a Qlobal Challenge'. It is preferable to consider the manufacturing and trade of counterfeit goods as an 'economic cancer'. It is a problem amongst all economies, and presents a threat to, and has far-reaching consequences on, TM holders, consumers and the government. It is worth mentioning that counterfeiting is not merely a national concern, but an international issue. In 2005, the global market for counterfeit goods was estimated at US$200bn, from which US$24.8bn generated from the Middle East Market', according to the OECD. The counterfeit business is affecting virtually all economies and has reached a total of between 5 per cent and 7 per cent of global trade, according to a report2 published by the International Bar Association (IBA). Threats on consumers and society Technical advancement is aiding counterfeiters in the production of exact imitations of original products, which can, amongst other things, harm consumers'health and wealth, as well as damaging warranties.

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