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What do you understand by intellectual property right ? Describe its importance in?

What do you understand by intellectual property right ? Describe its importance in details ?

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  1. Intellectual property rights is a legal field that refers to creations of the mind, musical, literary, and artistic works; inventions; and symbols, names, images, and designs used in copyrights, trademarks, patents, and related rights.(WIKI) Under intellectual property rights the holder of one of these abstract properties has certain exclusive rights to the creative works, without these rights a person could lose control of their very thoughts and creations.~
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