IMPORTANCE OF INTELLECTUAL PROPERTY RIGHTS (IPR)

•  IPR is a significant tool in today's era. 
• The risk of an innovation getting infringed without the knowledge of the inventor stands very high. 
• With the increase in the importance of IP, instances of IP crimes have become the part and parcel of the digitized era sometimes even leading to failure of businesses.
• Companies rely on adequate protection of their patents, trademarks, and copyrights, while customers make use of IP to ensure that they purchase secure, assured goods. 
• An IP asset is like any other physical property offering commercial benefits to businesses. 
• In a web-based world, IP protection is much more relevant as it is comparatively simpler than ever to reproduce any specific template, logo, or functionality. 
• Hence, strong IP laws give protection to IP and contribute to the economy of the respective state. IPR is one of the sources of security for intangible properties which are still open to the public and which can be quickly replicated by anyone. 
• Intellectual property rights are more important because today we are highly-connected to digital landscape. 
• With all of the good the rise of the internet has done for the sharing of information and ideas, it has unfortunately become easier for ideas and works to be stolen, which can be damaging to both national economies and innovation.
• Intellectual property protection varies from country to country, but countries that have strong IP laws recognize the important impact original works, designs, inventions, etc. have on the overall economy. 
• Almost every country that has a dependence on international trade takes strong measures to protect their intellectual property rights.
• With the rise of intangible assets that are shared across the internet, it is easy for people to unlawfully copy and share books, music, movies, and more. 
• Copyrights, patents, trademarks, and trade secrets and the laws around these protections are all intended to encourage innovation and creativity and are essential to the practice of IP law to help curb illegal activities. 
•  Organizations like the World Intellectual Property Organization (WIPO) underscore the importance of fostering IP-driven innovation to incentivize and protect creativity. 
• WIPO is a global forum for intellectual property services and is a self-funding agency of the United Nations, with 193 member states.