Intellectual Property Rights refers to safeguarding and protecting the rights of the owner/inventor/creator. Applying for patents, copyright, or a trademark and granting the same is a form of protection of the invention/creativity. IPR provides benefits to the inventor, ensuring that others cannot use his invention without authorization. These benefits are a reward for the actual owner for his efforts.
It is significant to protect IPRs as the protection will encourage innovations, research, and development. In addition, a strong and effective protection regime will create a positive, healthy business environment and foster economic growth.
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