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The present intellectual property (IP) system is designed as a carefully structured framework that balances the exclusive rights granted to inventors with the broader interests of society. This balance is essential because while innovation must be rewarded to encourage creativity and technological progress, excessive protection can hinder access, competition, and further innovation. The system achieves this equilibrium through a combination of limited duration of rights, disclosure requirements, exceptions and limitations, compulsory licensing, and regulatory oversight. At its core, the IP system grants inventors exclusive rights over their creations for a specified period. In the case of patents, inventors are given the right to exclude others from making, using, selling, or importing their invention. This exclusivity acts as an incentive for individuals and companies to invest time, effort, and resources into research and development. Without such protection, competitors could easily copy innovations, depriving inventors of the economic benefits of their work. Thus, the system acknowledges the moral and economic rights of inventors, ensuring that their contributions ____ ______ _____ _________ ____ ____ _______ _________.
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