Intellectual Property has acquired the term Property because the owner of the right has legal power to lease, sell, donate, license etc with similar status to a property. Intellectual property rights (IPR) deals with Patents, Designs, Trade Marks, Copyright, and Geographical Indications. The Patents Act, 1970 was amended in 1999, 2002 and in 2005(1). Finally amended law effective from Jan 01, 2005 allowed patents on products of chemical change, new drug molecules, agrochemicals, drug or pharmaceutical compositions, foods etc. which were earlier unavailable for patent. In case of invention for a patent related to biological material that will be deposited to the international depository authority under the Budapest treaty with disclosure of source and geographical origin of the biological material.