The protection and intensity of intellectual property rights (IP), especially patents, have historically been the subject of controversy from the perspective of strengthening the economy and encouraging further research and development of new technologies. Patent protection, on the one hand, has a sensitive task in balancing the motivation of the individual by granting a monopoly on the market, and on the other hand preserving the economic laws of the open market. This paper tries to show how the protection of intellectual property rights (IP) and patents, as one of the forms of protection of intellectual property rights, stimulate the economic growth of highly developed countries with a focus on the countries of the European Union and the role of R&D in that process. A review of the literature established a mechanism, through Romer's endogenous growth model, and a positive correlation between the protection of intellectual property and economic growth through the stimulation of new innovations that lead to technological progress. Economic development has an inverse causality in relation to growth and is a key prerequisite for the successful stimulation of the economy through IV protection. Patents motivate entrepreneurs to innovate and develop new inventions by providing time-limited protection and monopoly, which gives them an advantage over the competition and enables the return of the funds invested in the patent and its protection, as well as the realization of profits. Patent protection therefore stimulates risky investment in research and development (R&D) of innovation leading to the accumulation and commercialization of new knowledge as the main capital of modern economies. On the other hand, the level of impact of IP protection strategies on economic growth depends on the productivity of R&D and the synergy of its sectors, given that the benefit of IP comes only after the product is placed on the market. The empirical part of the paper confirms the statements from the literature part of the paper where the optimal management of IP promotes the economic growth of the member states of the European Union as well as the EU. More developed EU countries (according to the HDI) have more intensive patent and R&D activity compared to less developed members. Also, the EU, on average, shows high global competitiveness through stimulation of IP protection rights and investment in R&D activities. This competitiveness among the member states of EU varies from the most competitive countries in the world to the average ones.