BOHR International Journal of Pharmaceutical Studies 2023, Vol. 1, No. 1, pp. 13–20 https://doi.org/10.54646/bijops.002 www.bohrpub.com Intellectual Property Rights Jyoti B. Salgar, Sanjay K. Bais and Shraddha Somnath Vathare * Fabtech College of Pharmacy, Sangola, Maharashtra, India * Corresponding author: shraddhavathare@gmail.com Abstract. Healthcare is one industry where intellectual property (IP) is a valuable resource. The creation of medications to meet medical requirements and the discovery of new therapies necessitate the preservation of inventions. Protection of scientific and technological advancements inspires researchers and the business community to develop new and improved treatments and medications, extending and improving people’s lives. Healthcare businesses may recoup their investments and continue to invest in fresh research because of IP protection. IP has raised the bar for medical and health research, and it will keep finding solutions to today’s unmet demands. As it supports the financing scheme for R&D, IP is a crucial cornerstone of our healthcare system. This article discusses that in a variety of industries, including the healthcare industry, IP is a valuable asset. It is imperative to safeguard ideas and discoveries to find new cures and create drugs to meet medical needs. Protection of scientific and technological advancements motivates researchers and the business community to discover new and improved treatment options and medications, thereby enabling people to live longer and better lives [1]. Keywords: Drugs, pharmaceuticals, healthcare system, Patent and intellectual property rights. INTRODUCTION Any original work of the human mind, including those in the arts, sciences, literature, technology, or other fields, is considered to be the subject of intellectual property (IP) (Figure 1). The term “intellectual property rights” (IPR) refers to the legal privileges granted to the inventor or cre- ator to safeguard their work for a predetermined amount of time. These legal rights allow the inventor or creator, or his assignee, the sole right to fully exploit their idea or creativ- ity for a specific amount of time. It is widely acknowledged that IP is essential to the modern economy. Moreover, it has been unequivocally proven that the intellectual labour connected to innovation deserves to be given the respect it deserves for it to serve the greater good. A change in drugs, pharmaceuticals, healthcare system, and IPR are some of the terms that are important. In addition, it has been unequivocally proven that the intellectual labour connected to innovation deserves to be given the respect it deserves for it to serve the greater good. The price of research and development (R&D) has skyrocketed, and so have the investments needed to get a new technology to the market. As the stakes for tech- nology developers have increased significantly, it is now imperative, at least temporarily, to safeguard information from unauthorised use in order to guarantee recovery of R&D and other related expenditures, as well as sufficient earnings for ongoing investments in R&D. IPR is a pow- erful weapon to safeguard the author’s time, money, and effort put in developing an IP because it grants the creator for a specified period, the inventor or his assignee may fully employ his invention or creativity [2]. It is widely acknowledged that IP is essential to the modern economy. Additionally, it has been unequivocally proven that the intellectual labour connected to innovation deserves to be given the respect it deserves for it to serve the greater good. The price of R&D has skyrocketed, and so have the investments needed to get a new technology to the market. Since the stakes for technology creators have increased significantly, it is now imperative, at least temporarily, to safeguard knowledge from unauthorised use in order to guarantee reimbursement for R&D and other related costs as well as sufficient earnings for ongoing R&D expendi- tures. As it gives the inventor or creator of an IP an exclu- sive right to exploit his invention or product for a specific length of time, IPR is a powerful weapon for protecting investments in time, money, and effort. By enabling healthy competition, industrial progress, and economic expansion, 13