The TRIPS agreement states that Intellectual Property Rights (IPRs) protection should contribute to the promotion of technological innovation, economic welfare, and to the transfer and dissemination of technology. However, there is still no consensus on whether IPRs protection has achieved its goal. Thus, the chapter provides a discussion on how the impact of IPRs on innovation, technology transfer, and economic welfare is affected by the difference in the income level of the countries. The results suggest that in high-income and upper middle-income countries, IPRs have a positive impact in these variables. Nevertheless, it seems that in lower middle-income and low-income countries, IPRs have not increased innovation, spurred transfer of technology. or created economic welfare.