Intellectual Property Rights (IPR) refer to the legal rights granted to individuals over creations of their minds, enabling them to gain recognition and economic benefits while promoting innovation and fair competition.

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• IPR are protected under Article 27 of the Universal Declaration of Human Rights, ensuring protection of moral and material interests of creators.

• Major global frameworks include the Paris Convention (1883), Berne Convention (1886), and treaties administered by the World Intellectual Property Organization (WIPO).

• Intellectual Property includes inventions, literary and artistic works, designs, symbols, names, and images used in commerce.

• Key types of IPR include Copyright, Patents, Trademarks, Industrial Designs, Geographical Indications (GI), and Trade Secrets.

• Patents grant exclusive rights for inventions (usually 20 years), while excluding items like traditional knowledge, atomic energy inventions, and mere scientific discoveries.

• India regulates IPR through laws such as the Copyright Act, 1957; Patents Act, 1970; Trade Marks Act, 1999; and GI Act, 1999.

• India is a member of WTO-TRIPS and several WIPO-administered treaties including the Patent Cooperation Treaty and Madrid Protocol.

• Challenges in India include issues related to patent evergreening (Section 3(d)), compulsory licensing, and demands for data exclusivity.

• Advantages of IPR include promoting innovation, economic growth, and ease of doing business, while disadvantages include high costs, piracy concerns, and access issues during health emergencies.

• World Intellectual Property Day is celebrated on April 26 to highlight the role of IP in encouraging innovation and creativity.