In today’s era of globalization, companies use patent, copyright, design and trademark laws to protect their intellectual property (IP). These laws provide developed and efficient ways to protect IP. Due to the increasing demand for protection through patents, trademarks and copyrights, trade secrets seem like an endangered species.
A revamp of the law is urgently needed to provide protection for trade secrets, which are on the verge of extinction. This article discusses the all-round empowerment of trade secret protection in India and the need for a sui generis system for the protection of trade secrets.
What is a trade secret?
A trade secret is defined as a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable and which can give a business an economic advantage. A trade secret may be any information or any data that has been purposely treated as confidential and is capable of commercial application with a view to economic gain. Well known examples of trade secrets include the formulas or recipes for Coca-Cola, KFC’s chicken, McDonald’s “special sauce”, Krispy Kreme doughnuts, Google AdWords and Gillette razor designs.
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