Intellectual Property Rights (IPR) in Pharmaceuticals

Intellectual Property Rights (IPR) in Pharmaceuticals are legal protections granted to companies that develop new medicines. They give these companies exclusive rights to manufacture, sell, and profit from their innovations for a certain period. This encourages investment in research and development, ensuring new drugs are discovered and brought to market. Once the protection expires, other manufacturers can produce generic versions, making medicines more affordable. IPR balances rewarding innovation with public access by temporarily securing an inventor’s rights while eventually allowing broader availability.