Intellectual Property Rights (IPR) form a vital legal framework that protects human creativity, innovation, and knowledge. This is crucial in the knowledge-driven global economy. This paper provides an overview of IPR, examining its nature, importance, and enforcement challenges. It outlines conceptual foundations, highlights major forms, and explains their roles in fostering innovation, encouraging investment, and promoting fair competition. Despite their growing relevance, IPR enforcement faces challenges such as digital piracy, lack of awareness, procedural delays, jurisdictional complexities, and inadequate institutional mechanisms. These issues are particularly notable in developing countries. By analysing these issues, the paper underscores the need for robust enforcement strategies, harmonised laws, and heightened stakeholder awareness. It concludes that effective IPR protection is necessary to support innovation, safeguard public interest, and ensure equitable global growth.

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This is crucial in the knowledge-driven global economy. This paper provides an overview of IPR, examining its nature, importance, and enforcement challenges.

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