Intellectual Property Rights (IPR) are legal rights granted to individuals over their creations, allowing them exclusive control for a certain period.
Types of Intellectual Property Rights
Patents (for inventions)
Copyrights (for literary and artistic works)
Trademarks (for brand identity)
Trade secrets (for confidential formulas and techniques, like the Coca-Cola recipe)
Importance of IPR
Encourages Innovation: Incentivizes research and creativity.
Boosts Economic Growth: Strengthens competitiveness in global markets.
Protects Consumers & Public Health: Ensures product quality and promotes pharmaceutical advancements.
Supports Cultural Development: Preserves creative and artistic expressions.
Balances Interests: Protects rights of creators while ensuring public access to knowledge.
