Need Of IPR

The main objective of intellectual property is to stimulate technological progress, to the benefit of  society.

Financial Incentive

Intellectual property rights grant exclusive rights to intellectual creations; they grant ownership over  creations of the mind. These exclusive rights allow owners of intellectual property to reap monopoly  profits. These monopoly profits provide a financial incentive for the creation of intellectual property,  and pay associated research and development costs

Technology Diffusion

Technology diffusion occurs if intellectual property is licensed or sold, conversely technology can  equally be prevented from being shared, should the owner wish not to sell or license

Economic Growth

The legal monopoly granted by IP laws are credited with significant contributions toward economic growth. Economists estimate that two-thirds of the value of large businesses in the U.S. can be traced to intangible assets. Likewise, industries which rely on IP protections are estimated to produce 72 percent more value per added employee than non-IP industries. Additionally, a joint research project of the WIPO and the United Nations University measuring the impact of IP systems on six Asian countries found “a positive correlation between the strengthening of the IP system and subsequent economic growth.” However, correlation does not necessarily imply causation.