Intellectual Property Rights (IPR) has been defined as ideas, inventions and creative expressions based on which there is public willingness to bestow the status of property. IPR provide certain exclusive rights to the inventors or creators of that property in order to enable them to reap commercial benefits from their creative efforts or reputation. Common types of Intellectual Property Rights are patents, copyrights, trademarks, industrial designs, geographical indications, trade secrets, layout designs for integrated circuits and even ideas. Intellectual Property Rights provide an incentive to the creator to develop his creation and to share it with other people for the development of the society. The basic aim of the IPRs is to help in meeting the challenges in the development like reducing the poverty, stimulating economic growth, improving the health status by providing the medicines to poor, improving access to education and contributing the overall sustainable development.