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Intellectual property (IP) rights protection is crucial for promoting innovation and economic growth. Stronger IP protection is associated with higher economic growth across measures of openness and alternative model specifications. Legal provisions for IP rights are challenging in the knowledge economy. In Sri Lanka, there is no fully committed national policy for IP, but the back-and-forth foundational elements are touched. Furthermore, the GDP growth rate of countries investing substantially in research and development shows a direct correlation with patent filing, whereas some studies show that IP policies increase patent output but do not necessarily encourage patent commercialisation. It urges the requirement for a comprehensive IP framework. Hence, this study aims to discuss the role of empirical evidence in IP policy formulation and its implications for enhancing economic growth in Sri Lanka, which further facilitates comprehension of policymakers in fostering innovation, creativity, and economic growth in the knowledge economy.