**1. Introduction**

In nineteenth century, the foundation for Intellectual Property Protection (IPP) was created. In the 1883 Paris Convention, the Protection of Industrial Property was created. Intellectual property is the intangible product of the mind's work. Intellectual Property Right (IPR) is rights recognized by the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement and governed by the World Trade Organization (WTO), and they are given to persons for a certain period of time over the creations of their minds [1].

TRIPS agreement provides different norms and standards with respect to different categories of IPR. They are as follows:


Patent is an exclusive right or a set of specific rights given to an inventor or a person or an organization, who claims to be the first inventor by the Patent and Trademark Office to exploit their invention for a limited period of time to make, use, or sell the invention.

In general patents are issued to protect new product, apparatus, and process provided that the invention is not in the public domain also not disclosed anyplace in the world; it must be nonobvious and should have a practical application [2].

Living organisms including animal species, plants, and biological empowered with biotechnological inventions are categories of patents on bio-patents or life-forms [2].

Patent system can motivate the technical process in different ways:


IPR has become a knowledge industry [3]; many corporate organizations to get a leadership in the market have designed their project management system with sustained growth and enriched profits. The different approaches in their project management systems are as follows:

