Intellectual Property Rights refers to the protection of creations of the mind, which have both an ethical and a commercial value. IPR law usually grants the exclusive rights to the author/creator of an intellectual creation for capitalize on and pay off from their creation. However, these Intellectual property rights, also called monopoly right of exploitation, are limited in scope, duration and geographical extent.
Intellectual Property protection is engaged to encourage the creativity of the human mind for the benefit of all by assuring that the advantages derived from using a creation benefit the creator. This will encourage creative activity and allow stakeholders in research and development a fair return on their investment.