**7. Conclusions**

The above **Figures 2** and **3** clearly depict the state of countries with reference to filing and granting of patents. Considering the state of filing, China was the leading country among all, whereas North America, United States of America, and Europe were lagging behind. On the other hand, the patent granted state projects a similar picture, where China was again leading in patent granted. This figure shows that approximately 46% of the patent filed were granted. On analyzing the average no. of patents filing *vs*. granting (2012–2017), it was found that Russia was leading with 79% patent granted, whereas India was far behind with only 15% granted patents. It clearly shows the state of innovations and its commercialization (**Figure 4**).

*Intellectual Property Rights - Patent*

**Figure 2.** *Patenting process.*

**Figure 3.**

**86**

*No. of patents filed (2012–2017).*

IPR is an important issue which raises a picture of innovation index and potential for commercialization of novel items. WIPO is an establishment that provides an edge to this regulatory system of innovation and legality. WIPO generates information regarding different kinds of IPR and their data with reference to fining and granting. This brief study provides an insight to the current state of patents (filed and granted) and their implication on globalization. In public, especially the innovators, the knowledge of IPR should be provided which would act as an act of mentoring them. It would provide the scope for protection of IPR and thus will create an avenue for protection of IPR and commercialization. This way, such activities would lead the country's economy with a fast pace.
