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This lecture covers an overview of Intellectual Property Rights, focusing on patents and inventions. It explains the procedural aspects of patent filing, patentability criteria, and the distinction between discoveries and inventions. The lecture delves into the structure of patents, the available options for protecting inventions, and the requirements for patentability. It also discusses the Patent Cooperation Treaty (PCT) system and the factors to consider when choosing a patent application route. Additionally, it explores the importance of inventive step in patentability and the limitations of patents in granting freedom to operate.