As per the lawful definition of IPR, it is the intangible property that holds importance and value for its owner. It is the only type of legislation that aims at protecting the executed idea of a person, thereby promoting innovation and creativity.
To protect an idea, one must possess a legal right over the same. While intellectual property right is granted to the owner by virtue of its inception and development, lack of legal protection, technicalities like applications and registrations might lead to lack of protection granted for such Intellectual Property.
Several debates later, it is now established that even though the creator of an Intellectual Property has the inherent right in an invention, mark or work - an authority was required to ensure institution of such rights!
Considering how valuable every form of IPR is, a separate right was created for every form of intellectual property! While Trademarks are for depicting the origin of a trader’s products, Patent protection is granted to an inventor and copyright protects a creative brain’s original work!
IPR is that branch of law that helps in protecting the brainchild of a creator.