IPR stands for Intellectual Property Rights.
The Intellectual Property may be defined as a product of the intellect that has commercial value, including copyrighted property such as literary or artistic works, and ideational property.
Intellectual Property (IP), protected through law like any other form of property can be a matter of trade, that is, it can be owned, bequeathed, sold or bought. The major features that distinguish it from other forms are their intangibility and non-exhaustion by consumption.
Intellectual Property Rights (IPR) are legal rights, which result from intellectual activity in the industrial, scientific, literary and artistic fields. These rights give statutory expression to be moral and economic rights of creators in their creations.
Intellectual property rights safeguard creators and other producers of intellectual goods and services by granting them certain time-limited rights to control the use made of those productions.
Intellectual property rights also promote creativity and the dissemination and application of its results and encourage fair-trading, which contributes to economic and social development.