Legal framework for compulsory licensing: a solution to the conflict of intellectual property rights and intellectual monopoly

Intellectual property laws remain a debatable topic for the scholars as well as for the practitioners since the last two decades. Recently, it attracted the attention of many individuals due to its conflicting role in the field of law and economics. The economist considers intellectual property rights as a necessary evil that leads towards intellectual monopoly, whereas law takes it as a protection shield for individual rights. This study is an attempt to discuss the controversial role of intellectual property rights and suggests the necessary solution to overcome the normative obstacles from the way of intellectual property laws. It elucidate the positive side of intellectual property laws that they protect inventors, its knowledge and spirit to work for the welfare of the society by feeling that their properties are intellectually and financially secure. On the other hand, it opens the new avenues for the competitive free market that encourages the new entrants for start-ups. Finally, this article highlighted the benefits of intellectual property that it does not deprive the people of developing or least developed countries from the right of quality life through compulsory licenses under the legal framework of intellectual property laws, TPIPS.