The definition of intellectual property includes ideas, inventions, and creative expressions based on which the public is willing to bestow the status of the property on them. Inventors or creators of IP are granted certain exclusive rights to gain commercial benefits from their creative efforts or reputations. Intellectual property protections include patents, copyrights, trademarks, etc.
A patent recognizes an invention that meets the criteria of global novelty, non-obviousness, and industrial application. An invention or creativity can be better identified, planned, commercialized, rendered, and thus protected with IPR. IPR policies, management styles, strategies, and so forth should be tailored to the specific industry, depending on its specialization. In the coming era, the pharmaceutical industry must focus its IPR strategy better and take a more proactive approach.