Intellectual Property Right (IPR) And Patent in Pharmaceuticals Industry in India
Abhishek Gaurav1*, Rohan Singh2
1*Faculty of Commerce and Management, Kalinga University, Near Mantralaya, Village Kotni, Naya Raipur, Chhattisgarh, India, 492101
2Faculty of Commerce and Management, Kalinga University, Near Mantralaya, Village Kotni, Naya Raipur, Chhattisgarh, India, 492101
Abstract
Patent is granting property right by the authority to the inventor. This grant provides the inventors exclusively right to the patent process. Design or inventions for a particular period especially in the pharmaceutical industry. Government agencies typically handle and approve the patent. In the United States the US patent and trademark office, which is the part of the department of commerce, handles the applications and grants the approval. Similarly in India the patents are controlled by the registrar of the patent department under the control of the central government. The pharmaceutical sector in India is a prosperous, high-tech sector that has grown steadily during the previous thirty years. Due to favourable government policies and little rivalry from overseas, an array of privately held Indian enterprises has seized a significant share of the domestic pharmaceuticals the marketplace, making them the contemporary industry players. However, when Indian businesses start expanding behind domestic markets and prepared for global competitiveness, the liberalization that has impacted the Indian economy continues to impact them.
India, an important player in the worldwide pharmaceutical sector, must strike an appropriate compromise between meeting the urgent demand for affordable pharmaceuticals and encouraging development by means of intellectual property protection. The study analyses the influence on the public's health, investigates important legislative structures, and digs into the lengthy history of pharmaceuticals patented in India. This essay seeks to add to the continuous conversation on finding an equilibrium between innovation and affordability in the drug sector by looking at case studies, global viewpoints, and viable solutions.
Key words: - IPR (intellectual property right), WTO (world trade organisation), TRIPS, Patent filling, Property, Pharmaceutical products, Protection.
