CONTRIBUTION OF COMMERCIALIZATION OF IPR IN THE NATIONAL ECONOMY

ABSTRACT

The commercialization of Intellectual Property Rights (IPR) has emerged as a pivotal driver of economic growth and innovation in the modern global landscape. Intellectual Property (IP) encompasses creations of the human intellect, ranging from ground-breaking inventions to creative artistic works. This process of converting intangible assets into tangible economic value is achieved through methods like licensing, franchising, and strategic partnerships. The impact of IPR commercialization on the national economy is extensive and significant. By incentivizing innovation and Research and Development (R&D), IPR protection promotes an environment conducive to novel technologies and products. This, in turn, helps in job creation, facilitates foreign direct investment, and cultivates a vibrant entrepreneurial ecosystem. Furthermore, the revenue generated from IPR-based activities contributes to a nation's economic development. The commercialization of IPR also drives international trade, boosts brand value, and encourages technological advancements, ultimately propelling countries towards a knowledge driven economy. As governments strengthen IP protection mechanisms, they pave the way for collaboration, knowledge-sharing, and sustainable economic growth, positioning their nations at the forefront of innovation and economic prosperity. The paper investigates the disruptive influence of Intellectual Property Rights (IPR) commercialization on nation-state economic landscapes. This article dives into the numerous contributions of IPR commercialization to national economies in an era driven by invention and global competitiveness. IPR commercialization emerges as a key to sustained prosperity by stimulating innovation, attracting foreign investment, creating jobs, boosting commerce, and fostering economic diversification. The article navigates the process's problems and implications, emphasizing the importance of striking a careful balance among protection, access, and moral issues. Finally, the article underlines the critical role of strategic intellectual property commercialization in moving nations toward wealth, international competitiveness, and resilient economies.