This sort of legal protection expels others to utilize the owner’s right without consent. It provides the owner with a sort of monopoly by law making the protection economic. Major IP laws are:
The copyright which exists in case of creative works such as books, movies, music, paintings, and grants the owner to have complete permission to control, reproduce or adjust his work up to a specified period of time.
A lot of controversies have been taking place with respect to the implementation of the IP rights. The imbalance in the financial and technological capacities between the advanced and the less advanced economies comes into light while discussing the impact of IP rights on a global scale. Due to the unequal distribution of investment and technological resources between the developed and the developing countries the discussion of IP rights splits the countries into two uncompromising blocs. The developing countries are endowed with maximum biodiversity but the technology for tapping that diversity exists in developed countries.
Various commentators in India, the People’s Republic of China, Russia, and others have strongly opposed the status of intellectual property (“Intellectual Property”, 2006). Among the developed countries the United States and the UK are the two major supporters of IP protections who have remained consistent throughout (“Intellectual Property”, 2006). These two countries are the regular recipient of the net balance of payment benefits from IPs (“Intellectual Property”, 2006). The developed countries have been found to be the maximum applicants for patents in 2000 such as the United States (42%), Germany (13.2%), Japan (10%), UK (6.1%), France (4%), Sweden (3.4%), (Netherlands 2.8%) whereas less developed regions such as Africa (0.4%) and Latin America (0.3%) are found to be far lagging behind (Kameri-Mbote , 2005). Investments in .establishing IP rights regimes in developing economies have not yet revealed any progress of the countries. .