The contribution of intellectual property to the economic and cultural development of a country is substantial. The granting of patent monopoly in consideration of the disclosure of invention enables competitors in the field to manufacture new products or improved products or effect improvements in the process of manufacture. This paper deals with the issues and facts of the traditional knowledge also the contribution of Intellectual Property Rights in economic growth. Most of the studies in the literature show that, in closed economies, enhancing the protection of IPR increases the expected duration of monopoly and the associated incentive to innovate. A large incentive to innovate enhances the growth rate. This paper also emphasizes the impact on intellectual property which is becoming a international in character. The enormous technological development of transport and communications has resulted in the globalization of trade and commerce. Intellectual Property can travel effortlessly from one country to another. The paper talks about ‘Piracy’ of intellectual property that has become international in character. The scope of intellectual property is expanding very fast and attempts are being made by persons who create ideas to seek protection under the umbrella of intellectual property rights. There are many similarities in the law relating to the different species of intellectual property in regard to the nature of the property, the mode of its acquisition, the nature of rights conferred, the commercial exploitation of those rights, the enforcement of those rights and the remedies available against infringement of those rights.

Keyword: Intellectual Property, Patent, Final Sector, International System, Piracy, Developing Countries.