Final answer:
Intellectual property rights aim to reward creators by giving them exclusive rights to benefit from their work for a limited time, encouraging innovation and protecting investments in research and development.
Step-by-step explanation:
The philosophy behind intellectual property rights is to reward the creator of an idea. Intellectual property rights are laws and regulations that provide inventors and authors exclusive legal rights to their creations for a limited time. These protections include patents, copyright laws, and other forms of intellectual property rights, which motivate innovation by allowing creators to benefit from their inventions without competition for a certain period. Patents, for example, can last up to 20 years for new drugs, granting a monopoly to the patent holder and incentivizing further research and development.