Artificial Intelligence (AI) has revolutionized the biomedical sector in advanced diagnosis, treatment, and personalized medicine. While these AI-driven innovations promise vast benefits for patients and service providers, they also raise complex intellectual property (IP) challenges due to the inherent nature of AI technology. In this review, we discussed the multifaceted impact of AI on IP within the biomedical sector, exploring implications in areas like drug research and discovery, personalized medicine, and medical diagnostics. We dissect critical issues surrounding AI inventorship, patent and copyright protection for AI-generated works, data ownership, and licensing. To provide context, we analyzed the current IP legislative landscape in the United States, EU, China, and India, highlighting convergences, divergences, and precedent-setting cases relevant to the biomedical sector. Recognizing the need for harmonization, we reviewed current developments and discussed a way forward. We advocate for a collaborative approach, convening policymakers, clinicians, researchers, industry players, legal professionals, and patient advocates to navigate this dynamic landscape. It will create a stable IP regime and unlock the full potential of AI for enhanced healthcare delivery and improved patient outcomes.