Digital guide
IP Rights
IP systems
IP systems regulate a broad range of activities, including:
- artistic expression
- pharmaceutical manufacturing
- and software development
These activities are indicators of intangible (non-material) efforts, intellectual innovation, and human creativity. Therefore, IP rights govern the creation, use, and investment of creative mental effort.
Characteristics of IP
Legal protection is necessary because once an invention is publicly disclosed, others can benefit from it without incurring development costs. Without IP rights, there would be no economic incentive for innovation.
IP systems balance incentives to innovate with the benefits of public knowledge by providing protection for a limited time. After expiration, protected knowledge becomes available to everyone.
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