INTELLECTUAL PROPERTY RIGHTS: A CRITICAL TOOL FOR BUSINESS SUCCESS AND ECONOMIC DEVELOPMENT

Abstract

Intellectual Property Rights (IPR) have become an integral part of the modern global economy, serving as a critical framework for protecting the ideas, inventions, and creative works that drive innovation and economic growth. This research paper explores the origins, evolution, and significance of IPR, focusing on the various types of intellectual property, such as patents, copyrights, trademarks, and trade secrets. The paper examines the role of IPR in fostering creativity, encouraging investment, and promoting fair competition. Additionally, it highlights the challenges faced by IPR systems, including enforcement issues, digital piracy, and the complexities of protecting emerging technologies such as artificial intelligence and biotechnology. The research further analyzes the impact of IPR on businesses, particularly in the context of developing economies like India, where IPR plays a pivotal role in encouraging innovation and entrepreneurship. Finally, the paper discusses the future of IPR, offering recommendations for strengthening legal frameworks, improving global cooperation, and addressing the challenges posed by new technological advancements. By providing a comprehensive understanding of IPR, this paper underscores its importance in safeguarding the interests of creators, consumers, and society at large while fostering a culture of innovation and economic progress.