“Intellectual property” and “competition law” include a wide range of topics and were developed to achieve various objectives. Understanding the specific purposes of the two laws is critical. Competition law governs market behaviours that have the effect of limiting competition and thereby impede market functioning. While intellectual property law was created to preserve intellectual property under the sole control of the right holder, intellectual property right refers to the owner’s only right. It entails investments in intellectual property and business practices. On the other hand, by stimulating competition among a large number of suppliers of advanced goods, services, and technology, it promotes the interests of markets and customers.
Intellectual property can be found everywhere. Intellectual property refers to the outcome of new inventions, goods and technologies being protected to succeed in the marketplace. In addition to offering security, intellectual property can aid small, medium, and large firms in making a profit. Intellectual property (IPR) offers creators and innovators protection for their works on the market and can occasionally monopolize that market, which is against competition law.
The goals of competition law are to promote and foster possibilities for honest competition among market competitors as well as to safeguard the interests of consumers. It is a subset of economic law that controls how firms and other market participants behave and makes sure that providers of goods and services engage in fair competition. Its objectives are to improve the market for consumers, stop anti-competitive consequences, and encourage honest and ethical competition.