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Intellectual Property Rights (IPR) – Detailed Notes 1. Introduction Intellectual Property Rights (IPR) are legal rights granted to creators and inventors over their creations or inventions. They protect innovation and creativity, providing the owner exclusive rights to use, sell, or license their creation. IPR encourages research, development, and economic growth by rewarding creativity. 2. Importance of IPR Protects inventions, designs, and creative work. Prevents unauthorized use, copying, or commercialization. Encourages innovation and research. Provides financial benefits to inventors through licensing or royalties. Supports economic growth and competitiveness. Safeguards traditional knowledge and biodiversity. 3. Types of Intellectual Property Rights A. Patents Definition: Exclusive right granted to an inventor for a new invention for a limited period (usually 20 years). Requirements: Novelty – must be new and not published. Inventive step – non-obvious to someone skilled in the f...