Vol. 8, Issue 5, Part E (2022)

Intellectual Property Rights (IPR) have been defined as ideas, inventions, and creative expressions grounded on which there's a public amenability to bestow the status of property. IPR gives certain exclusive rights to the formulators or generators of that property, in order to enable them to capture marketable benefits from their creative work or character.

Intellectual Property Right is basically an intellectual property (IP) through which someone has the right to claim due to moral and profitable accounts and the main agenda of IPR is to extract more and more return of economic benefit from their intellectual property.

The goal of this article is to access the ways of increasing moral and economic benefits with the IP from the society. The article also tries to focus on the present scenario of IPR in least developed countries and to promote a clear conduct of filing of patent, trademark, copyright and all others without any type of duplicity or misconduct.

This article comprises of a detail of all the intellectual properties and their history in a stepwise manner along with a focus on role of World Intellectual property organization (WIPO) in IPR.

After the advancement in the field of IPR there are many quick ways to file a patent for a product and promote it, also gains a lot of economic benefit from the creation and in our country the Patent law is more aligned with TRIPs and may ease the process of patent. The pharmaceutical industry and some others industries nowadays may try to perform more focus on IPR strategy to promote betterment of trade and other works as the reach of IPR in under developing and least developed countries may promote and increase both social and economic benefit.