Conflict Between Private Rights and Public Interest in Intellectual Property Rights Law

Abstract

Intellectual properties are the innovations which are created in the minds of the human beings. The creators or the innovators of these new creations are awarded with exclusive rights in order to encourage their effort. Intellectual property rights law grants the creator or the inventor of the intellectual property a monopoly to be exercised over the particular intellectual property, as a reward for his intellect. On the other hand, the monopoly which the innovator exercises may influence the public interest in a negative way. For example, when a person who invents a medicine for a disease obtains patent protection for his innovation, he gets a monopoly or an exclusive set of rights for its exploitation. As a result, he can set a high price for the medicine. This can negatively affect general public who are in need of the medicine, but cannot afford to buy it. Here comes the conflict between the public interest and the private rights of the innovator which was created by granting intellectual property rights.