Intellectual property(IP) is a term that is primarily used to refer to a combination of copyrights, patents and trademarks covering a certain work. It could also be used to refer to these three fields in general.
The primary idea of using the term "intellectual property" lies in comparing it to the "physical property" people actually own. Some use this to imply that IP should be protected in the same way as physical property (that is, eternally). In practice most or all copyright laws nowadays accept that copyrights expire a long time after the author's death.
Big Pharma frequently abuse patent law. Their patent for a Drug gives them a Monopoly for the production and sale of that drug. The pharmaceutical company then takes advantage of desperately sick people, forcing them to pay extortionate amounts of money for a drug they need to stay healthy, even to stay alive. Patents secure monopolies and monopolies need regulation. The state should regulate medical patents. The patent holder should be allowed to charge enough to cover the costs of developing a new drug or new piece of medical equipmnt and should be able to make a reasonable profit. Medical patent holders shoud not charge excessive amounts.