An Argumentative Focus On The Role Of Intellectual Property Rights

NameProfessor CourseDateIntellectual Property RightsScience and TechnologyScience and Technology are believed to be a dynamo driving significant growth sectors, including pharmaceuticals, telecommunication, aviation, and modern Technology. Its importance has made policymakers foster creativity in Science and Technology and, thus, innovations and inventions in ways that are not minimal. However, scientific and Technological innovations should be protected, and the owners should be adequately remunerated. Intellectual property rights (IPRs), such as copyrights and patents, are necessary means firms use to help safeguard their investment in innovation (Boldrin and Levine 3). The concept of intellectual property rights (IPRs) has served society well, particularly by stimulating innovation and encouraging the ordered exploitation of scientific discoveries for the good of the community. However, IPR encourages monopoly, which can cause tension between the public good and private profit. There must be a balance between public good and private profit for IPRs to promote the open interchange of ideas and information on which science thrives. The essentiality of IPRs has increasingly impinged on the academic community for myriad reasons. There has been a strong emphasis on wealth creation, even in academic research, which has destroyed the old standards of academic conduct so that everyone is encouraged to