4 Pages Posted: 18 May 2006
Date Written: December 2005
TRIPS, the intellectual property component of the Uruguay round of the GATT Treaty, developed a strong debate among developed and less developed countries. Developed countries welcomed the TRIPS agreement on the ground that their business interests incurred large losses due to imitation and use of their innovations by the less developed countries and, the introduction of IPRs would encourage the flow of foreign investments, transfer of technology and for greater research and development in the less developed countries. But the less developed countries negatived such introduction on the ground that the stronger IPRs result into drastic rise of product prices and also may cause harm to infant high tech industries. India was a strong opponent of TRIPS Agreement particularly the proposal for product patents on pharmaceutical innovations on the belief that the better-ordered world is one in which medical discoveries will be free of patents and there will be no profiteering from life and death. However, India unwillingly signed this international treaty on TRIPS and committed to introduce pharmaceutical product patents in the country.
Keywords: TRIPS, Product Patents, Pharmaceutical Products
JEL Classification: K23
Suggested Citation: Suggested Citation