Genesis of Patent: An Insight of Intellectual Property Rights Theories

Intellectual property is the property which has been created by exercise of intellectual faculty. India has a long history of protection of Intellectual Property Rights through a system of well developed substantive laws and established legal and administrative practice. It has a well developed structure for the enforcement of Intellectual property rights. The importance of patent system for stimulating inventions, research and development of the country is well recognized in India. The progress and prosperity of a nation depends upon the level of scientific, industrial and technological development. The main purpose of the researcher in this paper is to put some light on the genesis of patent which the researcher has tried to put forward by discussing the theories of Intellectual PropertyRights in detail and depth. Various theories like labour theory, inventive theory, schumpeterian theory, metaphysical theory have been vital in the development of intellectual property laws in India and abroad.