Intellectual Properties are the products of the mind that are accorded certain kinds of protection. But products of the mind cannot be protected as long as those are intangible property (not visible, touchable and transferable) in nature. At a certain point of time in the history of science and ideas, it was felt that ideas and techniques that transform the ways of life could also acquire the dimensions of the property. The law had to evolve to accord such protection to intangible properties. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.