Many countries have formulated policies and re-oriented their economy to foster innovation as it is a major source of economic growth. Intellectual property (IP) rights, patents in particular, are necessary to foster technological innovation in a globalized world. Several transitional and emerging economies have increasingly embraced a stronger IPR regime to facilitate inflow of foreign investment and promotion of trade in goods and services. Open and well-integrated markets not only induce growth in domestic industries, but also enable entrepreneurial ventures to innovate and play a prominent role in nation building. The objective ought to be on promoting innovation in niche technological areas, such as computing, healthcare, mobility and mobile connectivity, thereby directly promoting human well-being and economic growth. In this context, legal challenges, economic constraints and technological complexities play a vital role.