Intellectual Property Rights(IPR) are the rights given to persons over the creations of their minds such as inventions; literary and artistic works; and symbols, names and images used in commerce. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.

Intellectual property primarily encompasses the following trademarks, copyrights and patents. It also includes other types of rights, such as trade secrets, publicity rights, moral rights, and rights against unfair competition. Artistic works like music and literature, as well as some discoveries, inventions, words, phrases, symbols, and designs can all be protected as intellectual property.

How does one benefit?

Intellectual property rights encourage and incentive creativity and human effort:

• Consumers would not confidently buy products or services without reliable Trademark protection and enforcement mechanisms to discourage counterfeiting and piracy.
• Without effective copyright protection the film, publishing, recording and software industries that bring entertainment and pleasure to millions of people worldwide would not exist.
• Without the rewards provided by the patent system, researchers and inventors would not have any motivation to continue producing better and more efficient products for consumers.