Intellectual property rights (IPR) refer to the legal protections granted to creators and inventors for their innovations, designs, and works. Key aspects include:

1. Patents: Provide exclusive rights to inventors for a specific period, protecting new inventions or technological innovations from being used without permission.
2. Trademarks: Protect brand names, logos, or symbols that distinguish goods or services in the market, preventing others from using similar identifiers that may cause confusion.
3. Copyrights: Safeguard original literary, artistic, and creative works, granting creators the right to control reproduction, distribution, and public performance.
4. Trade Secrets: Protect confidential business information, such as formulas, processes, or methods, that give a competitive edge and must be kept secret to maintain value.
5. Industrial Designs: Protect the visual design or appearance of a product, ensuring that the creator’s unique design is not copied by competitors.

By securing intellectual property rights, businesses can protect their innovations, enhance their market position, and encourage creativity and investment in new ideas.