Intellectual property law and competition law are two complementary instruments that promote economic efficiency and are necessary for the efficient operation of the market place. Elucidate.

Competition and Intellectual Property Law are closely linked as intellectual property law rewards innovation by granting exclusive rights, the Competition Law ensures that companies do not restrict freedom to compete or exploit market power with any competitive consequences. Intellectual Property (IP) allows consumers to make choices between competing entrepreneurs, and the goods and services they sell. Therefore, IP is inherently pro-competitive. Intellectual Property Rights have become significant factor in both creating and using ideas that are translated into knowledge and inventions to promote innovation and economic growth. Competition law seeks to prevent companies from inappropriately creating, enhancing or maintaining market power that undermines competition without offering economic benefits. Intellectual property laws provide incentive for innovation and technology diffusion by establishing enforceable property rights for the creation of new and useful products, technologies and original works of expressions. Competition law may be invoked to protect these incentives from anti-competitive conduct that creates, enhances or maintains market power or otherwise harms or distorts competition in a given market. Both Intellectual Property Law and Competition Law are necessary for the efficient operation of the market place. IP laws provide property rights comparable to those of other kinds of private property thereby providing incentives for owners to invest in creating and developing intellectual property and encouraging the efficient use and dissemination of the property within the market place. Similarly, Competition law is intended to enhance consumer welfare by promoting competitive markets and consumer choice. IP laws are also intended to enhance consumer welfare as businesses are encouraged to innovate and invest in new technologies leading to improved products and lower prices. Brands enable consumers to choose the products they value which encourages competition among brand owners. The promotion of a competitive market place through the application of competitive law is consistent with the objectives underlying Intellectual Property Law. Most Competition laws contain exemptions or exceptions designed to ensure that they do not negate rights explicitly granted by respective IP laws.