Abstract

The term ‘Intellectual Property’ can be defined as the creation and innovation of human intellect, they can be inventions, literature works etc. While inventing something new a man puts his manpower, intellect, time, energy and his monetary resources , as a result of their innovative idea they create an intangible property. The laws related to Intellectual Property gives the monopoly right to the owner of that intangible property. The ‘owners’ are provided with the legal rights over the property, they have the ownership of the property and only after their permission someone else can use the property They can be classified in the group of trademarks, copyrights, patents, geographical indications, industrial designs, layout design of semiconductor integrated circuit. The protection of Intellectual Property Rights (IPR) against unauthorized use or exploitation is a crucial function of legal procedures. For a set amount of time, these rights give inventors and creators the sole authority over their creations, works of art, trademarks, and private data. By preserving these rights, people and companies are encouraged to spend money on R&D and creative projects because they know their efforts will be rewarded without worrying about being exploited. Developed nations frequently support strict intellectual property rights (IPR) clauses in international trade agreements as a means of securing investments and innovations. They contend that strong protection fosters innovation and ensures just compensation for intellectual property. On the other hand, developing countries like India argue that too strict intellectual property rights (IPR) regulations can hinder their ability to supply necessities, especially in industries like medicines where public health depends on affordable products.

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