ABSTRACT
Intellectual Property Rights (IPRs) are associated with patents, trademarks, copyrights, trade secrets, and other protective devices granted by the state to facilitate industrial innovation and artistic creation (Wolfhard, 1991). The grant of exclusive property rights provides owners with personal incentives to make the most productive use of their assets and facilitates transfer by making possible a high degree of exchange. Intellectual property rights are one form of exclusive rights conferred by the state to promote science and technology. The issue of intellectual property has received wider attention compared to other property rights for the following reasons:
The volume of trade in goods protected by intellectual property rights is becoming increasingly significant as more countries produce and consume products that result from creative activity and innovation (Gadbaw and Richards, 1988).
The globalization of markets has created opportunities for the production and/or sale of unauthorized copies to supply the newly generated demand. The value of lost sales resulting from unauthorized copying of U.S.-patented, -copyrighted, or -trademarked materials is estimated at $40 billion to $60 billion per year (U.S. Congress, 1995).
