Intellectual Property Rights in Industry

Intellectual Property Rights (IPR) in industry refer to the legal protections for creations of the mind, like inventions, designs, and brands. These rights help businesses secure their innovations, preventing others from copying or using them without permission. In the context of international industrial economics, IPR affects global competition and trade, as companies seek to protect their competitive edge while navigating different legal systems. Strong IPR can encourage investment in research and development, ultimately fostering innovation and economic growth on a global scale.