Modern patent system emerged to protect invention(s) in science and technology, for example, new machines, devices, chemical and technological compositions as against the pure concepts. The term ‘Intellectual Property’ is used as an umbrella term for patents, copyrights, trademarks, and other laws. Under the English law, initially the terms was envisaged of as a ‘chose in action’ to express an ‘intangible property’ in contrast of ‘tangible property’. Distinguished economist like Max Weber and Douglas North in their empirical and doctrinal studies argued that the system of intellectual property has a significant affect in the economic development of a country. Subject to the permission of its inventor, once an invention is patented under the relevant law, the inventor acquires an exclusive entitlement to the usage of such invention. The law of patent restricts unauthorized production and selling of such patented inventions. On the other hand, patent law, under mutually agreed terms of reward to the author of invention, that is to say, with the permission of inventor, companies and organizations are allowed produce and sell such inventions at industrial level and beneficial usage of public. One of the main objective under patent laws is “to promote disclosure of new information that will benefit society and that might otherwise go undisclosed absent the patent right.” Thus, patent system protects the ‘features and process’ that makes innovations being recognized and things work in any economic system and let the inventor to have the profit of their intellectual labor.