Any product of human intelligence, whether artistic, literary, technological, or scientific, falls under the umbrella of intellectual property (IP). IPR stands for “intellectual property rights,” which legal protections are given to an innovator to safeguard their creation. For a certain amount of time, these protections provide the original creator or producer of a product the right to profit solely from sales of that product. Legal protections ensure that only the owner of an IP may profit from its use in any commercial context without the permission of the public. Trade secrets, patents, utility models, geographical indications, trademarks, integrated circuit layout design, industrial design, copyright, associated rights, and plant breeder’s rights are all examples of intellectual property. IP is crucial to today’s economy is a fact that has been well established. Intellectual property law may be broken down into a wide variety of subfields. When an idea meets the standards for originality on a worldwide scale and practicality in industrial settings, it is awarded a patent. To effectively recognise, develop, commercialise, render, and ultimately preserve innovations or creativity, IPR is necessary. Depending on its IPR policies, management style, strategy, etc., every industry has to carve out its niche. An IPR strategy is only beginning to take shape in the pharmaceutical business, but it will benefit greatly from more attention and foresight in the years to come. IPR is a powerful instrument since it grants the IP’s author an exclusive right to use their product for a certain length of time, protecting the creator’s investment of money, time, and effort. Therefore, IPR influences economic development by fostering competition and stimulating industrial and economic expansion.