Intellectual property rights (IPR) are described as rights to concepts, discoveries, and artistic endeavors on the basis of which the society is prepared to grant the status of ownership. Patents and other intellectual property rights (IPR) grant certain exclusive protections to the innovators or developers of that product, allowing them to profit commercially from their creative endeavors or repute. There are many different forms of patent protection, including patents, copyright, trademarks, and so on, and each has its own advantages and disadvantages. A patent is a formal acknowledgment of an innovation that meets the requirements of worldwide originality, non-obviousness, and industrial application. Improved identification, planning, marketing, and rendering of inventions and ideas are all made possible by intellectual property rights (IPR). Based on its area of specialisation, each industry should have its own intellectual property rules, management styles, strategies, and so on. The pharmaceutical business now has a developing intellectual property rights strategy that will require a more focused and strategic approach in the coming age.