Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. It refers to Monopoly protection for creative works such as writing (copyright), inventions (patents), processes (trade secrets) and identifiers (trademarks). Also known as TRIPS, or trade-related intellectual property rights.
IPR is the right of the people over their intellectual creations. Ideas which are abstract representation of something must be protected once they have been materialized as a result of human intellectual effort. The material concretisation as such of an idea can certainty benefit from IPR protection. IPR is covering patents, copyrights, trademark, industrial designs, geographical indications, protection of layout design of integrated circuits and protection of undisclosed information and protection of new plant variety. The agreement of TRIPS as a part of WTO has regime necessitating most countries of the world to reform their IPR laws and practices drastically.