Abstract
Intellectual Property (IP) is the intangible creation arising from the application of human intellect and its legal characterization is intellectual property right (IPR). With the emergence of modern biotechnology, the era of patents, copyright, and IPR have come into being. One needs to be conversant about IPRs and patent systems to protect, license, trade, and market his research and inventions. This chapter aims to prepare oneself to face the legal and ethical challenges of research and trade. IPR appears to play an important role in facilitating production and exchange in certain input markets.
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