In 2025, the Asocia de Pisco, an Association representing traditional grape spirit producers in Peru. filed an application before the Indian Geographical Indications Registry seeking registration of "Pisco" as a Geograph

Answer 2(e) One of the most crucial and distinguishing features of the legal protection granted by the Intellectual Property law is that it turns intangible assets into exclusive property rights, albeit for a limited period of time. In other words, IP protection makes intangible assets "a bit more tangible" by turning them into valuable exclusive assets which are taken into account in all negotiations that happen around any merger or acquisition transactions that take place between the businesses. If the innovative ideas, creative designs and powerful brands are not legally protected through conferment of IP rights, then the same can be freely and legally put to use by any other enterprise (including the competitor) without any limitation. However, being protected by IP rights, they acquire a substantial concrete value for the enterprise as they entail property rights which cannot be commercialized or otherwise put to use without the owner's authorization. The investors, stock market brokers and the financial advisors are now becoming cognizant of this reality, and have begun to value IP assets as well. Enterprises worldwide are also increasingly acknowledging value of their IP assets, and, on occasions, have included them in their balance sheet as well. The enterprises (including some SMEs) have started undertaking regular technology and IP audits as well. Intellectual property audit and valuation helps one to analyse and determine the true value of one's business and capitalize on assets that one may not be cognizant of being possessed with. It can however be very challenging for any organisation to arrive at a precise valuation of its intellectual property. The precise monetary worth of intellectual property can be very challenging to determine, as there are a number of factors that determine the value of the intangible assets under consideration. At times, the process of valuation of an enterprise's Intellectual Property itself requires registration of such property as a precondition which enables the process of monetizing one's intangible assets. An intellectual property can be valued on various parameters, but the overarching principle guiding the valuation process is, how much of a competitive advantage does one's intellectual property provides over others in the industry. While evaluating the worth of intellectual property, the following two methods of valuation have traditionally been used: Quantitative Valuation: This is the process of measuring the potential benefit and risk that can be generated by an IP under assessment. This method relies on measurable data or numerical information to produce an estimate of the value of one's intangible assets. It attempts to answer the question by providing a monetary value on contribution that the intellectual property provides. There are various methodologies associated with it. Prominent amongst them are: Cost Method : This technique values IP based on the financial resources required to recreate or replace the asset with one of equal utility. It may be the cost to create an exact replica of the IP at current prices or the cost to create a functionally equivalent IP asset using current technologies. This method is best suited for early-stage patents or assets where future cash flows cannot be reliably estimated. Market Method : This method relies on the principle of substitution by looking at the broader market. It analyses prices paid for the transfer, sale or licensing of similar, comparable IP assets in same or similar industries. Given that it is based on market comparision, this strategy is straightforward. It is frequently used to estimate tax and royalty rates. Income Method : This is the most commonly and widely accepted approach of appraisal. It values IP based on the present value of the future economic income it is expected to generate over its useful life. It uses the technique of Discounted Cash Flows wherein projected future cash flows specifically attributable to the IP are discounted back to their present value using a risk adjusted rate. For assets with a positive cash flow, this approach is thought to be the simplest to use. Qualitative Valuation: It is based on a defined criteria related to technical, IP and market requirements in order to determine if the research result is valuable for further investment and IP commercialisation and is usually done in pre commercialisation phase.. These two kinds of valuation methods should however not be presumed to be contradictory or mutually exclusive; depending on the needs of one's business, one may employ a variation of method that fall into both the categories. It will not be wrong to suggest that the two valuation methods are perhaps the two sides of the same coin. Quantitative and qualitative attempts to tackle the question of firm value from different viewpoints, which may both come in useful depending on the audience in question and the reason for valuation. In conclusion it can be said that determining value of one's Intellectual property can be a very challenging task and an exhausting process. But obtaining a valuation can result in significant benefits to one's business and thus the need for valuation can neither be underestimated nor be undermined. Following the valuation models described above to break down the process into simple steps and establishing a clear purpose and audience for the valuation, can make valuation manageable