INTELLECTUAL PROPERTY IN UKRAINE: ADVANTAGES AND DISADVANTAGES

The article reviews the significance of intellectual property in economic development, the main advantages and disadvantages in the field of intellectual property protection rights, as well as the legal framework for the protection of intellectual property rights in Ukraine. Intellectual property performs an important role in the development of the economy at various levels. The technological basis for the transition of mankind to a new development stage is the process of creating, processing and transmitting information. The physical labor of a person fades into the background and is replaced by intellectual activity. New technologies usage allows us to increase production volumes, as well as increase the range of products. The industrial potential, created due to the developed technological level, is the basis for the transition to a post-industrial society. The main drawback of intellectual activity is that with an increase in its role, the risks of encroachment on the results of human intellectual activity increase as well. Flawed regulatory framework is the main causative problem in the field of intellectual property protection rights. Still, for Ukraine, the key problems in the field of intellectual property remain: pirated products output, the long process of obtaining patents and trademarks, and absence of sufficient information support for activities. According to the annual report of the European Commission on the protection and enforcement of intellectual property rights for 2019, the country occupies the second place in terms of intellectual property rights violations, which brings economic damage to the European Union. Problem solving, associated with the protection of subjects intellectual property rights, stimulates production growth utilizing new technologies, which will entail an increase in economic growth and will allow the country to reach a new level.