Every human has been developed with the power of creating, which is situated at the head crown of our body. “Intellect” is a person’s ability to think and understand, especially intricate ideas that lead to intangible property generation. As per WTO-TRIPS: “IPR= Intellectual Property Rights” are the rights given to a person over the creation of their minds. They usually give the creator an exclusive right over the use of his/ her creation for a certain period of time”. IPR is broadly bifurcated into 2 main domains i.e. 1.) Copyright and rights related to copyright  & 2.) Industrial property. 1.)”Copyright and rights related to copyright” which is again divided into two categories i.) Copyright: it offers protection to the rights of authors of literary, & artistic work. The minimum term of protection offered is 50 years after the death of the author. ii.)Neighboring Rights: it offers protection to the performers, producers of phonograms & broadcasting organizations. The main motive is to reward and encourage the creation of intellectual minds.  2.) Industrial property is further bifurcated into 2 main areas i.) Distinctive signs, encompassing protection over Trademarks and Geographical Indication. Trademarks distinguish the product and services of a particular good from the rest of other goods available in the market. Whereas  Geographical Indication protects the distinctiveness of the goods based on their characteristic feature attributed to a particular geographical region, from where it has been originated.  The objective is to allow & protect a consumer to make informed choices between a variety of goods and to ensure fair competition. The Distinctive signs can last indefinitely as long as, as the name suggests the signs remains to be distinctive and don’t fall under “well known” or “generic” trademark. ii.)it consists of Patents, Industrial Designs & Trade Secrets, aiming to protect and stimulate innovation & designs. Focusing on providing means to finance Research & Development activities in the field of diversified technologies. Patents cover those inventions which qualify the patentability criteria of novelty, non-obviousness & industrial applicability. It provides a term of twenty years of protection from the date of filling. Industrial Designs confines the aesthetic/ ornamental & non-functional feature of an article or product. The prerequisite being to be novel with an individual character. It can last for 15 years. Trade Secret is given on the information which is not meant to be disclosed to the public, provided that the information is: commercially valuable, known to a limited group of persons & be subject to reasonable steps taken by the rightful holder of the information to keep it secret.

Intellectual property is that intangible property that provides numerous benefits far more valuable than the benefits gained on any tangible property. Following are the major advantages offered by the IPR: It aids as a business tool in the generation of revenues. It elevates the brand value and reputation in the market. It encourages the introduction of new products in the market. Aids in reaping the benefits in the form of rewards and recognitions. As a reward, it creates a monopoly, since it allows a broader range of protection over a particular IP which prohibits others from copying, infringing, and utilizing without the permission of an IP owner. Similarly, recognition is in the form of moral and economic importance. It promotes innovation over the existing ones. Consequently expanding social welfare and development.

Along with the numerous merits IPR offers, it also leads to face several societal challenges. For social welfare and development, we need to confront major Societal Challenges. To maintain harmony between Society and Technological advancement as well as with various IPR’s. The major issues which need to be addressed for the above-said challenges, globally are technological advancement, social pressures, government regulations, and competition. Further societal challenges on the domestic level are related to health, demographic change, wellbeing, food security, sustainable agriculture, forestry, marine, bio-economy, clean, secure & efficient energy, smart, integrated & green transport, and resource efficiency.

Globally, this issue has been particularly poised by the TRIPS regime. TRIPS empowers through the amalgamation of policies across the globe. The three main features of the TRIPS agreement being: 1.) Minimum standard, along with the addition of a substantial number of additional obligations, where the pre-existing conventions were silent or being seen as inadequate. 2.) Enforcement provisions on civil & administrative procedures & remedies to ensure safeguarding the rights of the IP holders. 3.)Dispute Settlement, which otherwise would be affected by procedural difficulties via acquiring and maintaining IP rights. At the micro-level, primarily the awareness about IPR as well as the resolving power governed by the technological advancement is of the utmost need of the hour.

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