21 Pages Posted: 9 Feb 2011
Date Written: February 8, 2011
Following the TRIPs Agreement and amendments in the Indian Patent Act, India is now part of a global treaty in which technological innovations are encouraged and protected, not just in few but a very large number of countries. Copying drugs is now no longer possible because of product patents. The Indian pharmaceutical industry has also understood the Intellectual Property Rights (IPRs) especially patents have to be integrated into business strategies – there is no way out. Patents are powerful tools for enhancing the Research and Development (R&D) quality and also business profits. The fast changing global scenario and challenges imposed by the new patent regime make 'IPR compliance', the need of the hour. Even so, opinion is evenly divided on their beneficial and adverse effects on developing economies like India’s. By and large, most developed countries are for strong IPR protection and highlight its virtues in creating knowledge wealth, encouraging innovation, providing access to technology, stemming brain drain and improving of quality of life. For emerging countries like ours, having good educational institutions, strong manufacturing base and talented manpower, IPRs offer enormous opportunities. This is especially true in the field of Biotechnology, Information Technology and Pharmaceuticals.
This paper provides a theoretical analysis of product and process patent regimes in the context of Indian Patent Law particular after the 2005 amendment in Indian Patent Act, 1970 in consequence to the TRIPs Agreement. The purpose is to bring forth the current position of trade between India as a developing country and the developed countries in terms of product and process patent.
The researcher has made the best possible efforts to study present legal position related to the patent system in India, particularly in relation to the TRIPs agreement and the new amendment made to the Patents Act in 2005. What will be the impact after introducing product patent system in place of process patent system in India. The researcher also thinks there is ample scope for further research in this issue.
The only solution for the proper patent system in India is to have proper implementation of law. Strict laws for the patent protection are required to ensure the development in pharmaceutical industry. People will be motivated to do more and more research and development and come up with new innovations only when their efforts are given proper protection of law.
Keywords: product patent, process patent, patent in India, patent system, TRIPs, WTO, GATT, patent
JEL Classification: K10, K11, K20, K33
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