Patents and copyrights are forms of intellectual property rights that grant exclusive legal rights to inventors and creators, encouraging innovation and protecting their work.
Patent is an exclusive right granted to its owner to manufacture and sell an item or use a process for 20 years. It gives the inventor the legal right to monopolize their invention for a specific period, encouraging innovation and research and development.
For example, in the pharmaceutical industry, patents on new drugs provide firms with monopoly power to protect their investment in research. Similarly, copyright laws grant exclusive legal rights to authors over their creative works for a limited time, such as literature, music, film/video, and pictures.
Both patents and copyrights serve as forms of intellectual property rights, incentivizing creators and inventors by safeguarding their innovations and original works from unauthorized use.
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