Intellectual property rights (IPR) are legal rights granted to individuals or organizations over the creations of their minds. These rights give the creator exclusive control over the use, production, and commercialization of their inventions, artistic works, symbols, designs, or other intellectual creations for a certain period of time
. IPR protect intangible assets such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. The main types of intellectual property rights include:
- Patents: Protect inventions and technological solutions, granting exclusive rights to make, use, or sell the invention for a limited time, provided the invention is new, non-obvious, and industrially applicable
- Copyrights: Protect original works of authorship like literature, music, art, and software, giving creators exclusive rights to reproduce, distribute, and display their works
- Trademarks: Protect brand names, logos, and symbols that distinguish goods or services in the marketplace
- Industrial designs: Protect the visual design of objects that are not purely utilitarian
- Trade secrets: Protect confidential business information that provides a competitive edge
The purpose of intellectual property rights is to encourage innovation and creativity by allowing creators to earn recognition or financial benefits from their work while balancing public interest. These rights help protect the investment of time, effort, and resources in developing new ideas or products and prevent unauthorized use by others
. In summary, intellectual property rights are legal mechanisms that protect the intangible creations of human intellect, granting creators exclusive rights to use and benefit from their innovations and works for a limited time, fostering an environment conducive to innovation and economic growth.
