Intellectual Property refers to intellectual creativity of a creator. In contrast to physical property, intellectual property is an intangible asset of a person. Intellectual Property Rights (IPR) are the exclusive rights given to the creators to their creations. Common types of Intellectual Property Rights are patents, copyrights, trademarks, industrial deigns, geographical indications, trade secrets, layout designs for integrated circuits and even ideas. Intellectual property rights provide an incentive to the creator to develop his creation and to share it with other people for the development of the society. The basic aim of the IPRs is to help in meeting the challenges in the development like reducing poverty, stimulating economic growth, improving the health status by providing medicines to the poor, improving access to education and contributing the overall sustainable development. Though IPRs provide incentive to the author or the creator and lead to a competition in the field of invention but it is also an intellectual protectionism or a form of a temporary monopoly enforced by the state.
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