what is intellectual property rights
Intellectual Property Rights (IPR) refer to legal protections granted to the creations of the mind, encompassing inventions, literary and artistic works, designs, symbols, names, and images used in commerce. These rights give creators or owners exclusive rights to use their intellectual creations for a specified period, promoting innovation and creativity while providing a framework for fair competition.
Various categories of intellectual property rights exist, each fulfilling a unique purpose:
Intellectual property rights are crucial for fostering innovation and creativity by providing an incentive for individuals and organizations to invest time, effort, and resources in the development of new ideas and products. These rights also play a pivotal role in economic development, as they encourage competition, attract investments, and facilitate the transfer of technology and knowledge across borders. However, balancing the interests of creators with the broader public interest remains a continuous challenge in the field of intellectual property law.