INTELLECTUAL PROPRIETY RIGHTS: REVIEW

Intellectual property rights (IPR) have been defined as ideas, inventions, and creative expressions based on which there is a 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. There are several types of intellectual property protection like patent, copyright, trademark, etc. Patent is recognition for an invention, which satisfies the criteria of global novelty, nonobviousness, and industrial application. IPRs are generally understood to have two principal areas of impact in pharmaceuticals. First, there is the issue of pricing and access, where discussion focuses on the links between IPRs (particularly patent rights), exclusion of competitors and the availability and pricing of new medicines. Second, there is the issue of R & D incentives – that is to say, the role of IPRs in providing incentives to discover, develop and market new drugs – and the effect of IPRs on R & D expenditure and its allocation across diseases, countries and organizations. In this article we are providing the information about IPR. CONCLUSION: Intellectual property rights are monopoly rights that grant their holders the temporary privilege for the exclusive exploitation of the income rights from cultural expressions and inventions.