Significance Of India’s Pharmaceutical Patent Laws
Pharmaceutical industries have been considered as beneficiaries of rapid technological advancements. It is considered a highly knowledge driven field that requires years of research and experiment to produce a single drug.
However there is much research that fails and requires lots of experiments and methods to reach the end. It is critical for pharmaceutical companies to make the most of whatever research results they receive.
This is where drug patents come into the picture for pharmaceutical industries in order to protect their interest. In this article we will discuss why Drug Patent is important for Indian pharmaceutical industries.
Definition of Drug Patent
A Patent is a license that is given to the inventor which safeguards their idea or invention from theft of intellectual property. Its registration gives an exclusive right to the owner or inventor to use, sell, market or design the invention and no other person is authorized to do so and if he will do so then inventor has a right to take legal action of infringement against that person.
However before issuing of the patent, the government authority performs several specific checks to ensure that the applied inventio is creative and unique. The significance of a drug patent is limited to medicines or drugs, and it prohibits other companies from manufacturing, selling, or marketing a specific drug.
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Significance of Drug Patent in India
While Patent registration, Patent Act, 1970 is being followed. The Patent Act allows people to file Patents and their products.
The research process in pharmaceutical industries involves huge cost and time. Therefore before application for Patent registration the innovator must ensure that its process is unique and is not in a public domain prior to patent application.
Companies must safeguard their inventions, Designs, and drugs from illegal use in order to remain prominent in a competitive market. In India the applicant can file for various Patent types in order to protect their drugs and Designs from getting infringed.
As a result, it functions as an all-around system to stop any type of intellectual theft. The Indian patent legislation aids in balancing the interests of pharmaceutical companies and the public at large.
What is the Significance of Drug Patents Aided by the Pharmaceutical Industry?
The registration of patents increased at the time of the struggle of Indian pharmaceutical industries. Generic drug companies were not investing heavily in the research and therefore they lowered the price of their drugs and consolidated market share. These generic drug companies were making things difficult for the companies who spent heavily in their research.
However, timely Patent law aided pharmaceutical industries in dealing with the situation effectively. Though medicine patents help pharmaceutical companies maintain a healthy profit periphery, they shouldn’t try to monopolize the request. As a result, the addition of patent law to the Competition Act 2002 prevents monopolies in any field. As a result, the significance of medicine patent laws aids in balancing IP protection and competition. It also ensures the well- being of both businesses and the public at large.
Intellectual Property Rights in the Indian Pharmaceutical Industries
Since Pharmaceutical industries rely on research and development, therefore it is important to get it protected under Intellectual property law. In India, pharmaceutical companies protect themselves by relying on Drug License. Now, India has developed its patent law structure, which aids in ensuring that both pharmaceutical companies and the general public get a fair deal.
Moreover, India is a signatory to the General Agreement on Tariff and Trade (GATT) has aided India in becoming more proficient by demonstrating the significance of drug patents. The major shift occurred when the Patent Act, 1970 came into force which gives the right to the inventor to patent their invention as well as their manufacturing processes.
After India became signatory to GATT, major changes occurred in the Indian pharmaceutical market as the country was required to follow TRIPS and GATT laws.
After joining GATT, the Indian market has to maintain the standard set by TRIPS. As part of this evolution, India pioneered product patent use, which was valid for a period of 20 years.
What is the Cost involved in Patenting of a Drug?
Pharmaceutical companies use Ever- Greening to cover their fiscal interests. Pharmaceutical companies use this strategy to make minor changes to a living drug and apply for a separate medicine patent. For illustration, a pharmaceutical company might use the molecular formulae with a different structure to file a new medicine patent.
They sometimes add an element that has no impact on the product and chooses to file for another medicine patent. Likewise, numerous pharmaceutical companies want to acquire their challengers. They also try to impede the latter’s exploration by filing fictitious statements of violation on these new medicine patents. While these ways are legal, they raise the cost of drugs and should be scrutinized.
Conclusion
In this Article we have discussed the significance of Patent laws and how they function. Drug patent protects your inventions, the product as well as its process from getting infringed and if anyone is doing so then law giveand exclusive right to you to take legal action against that infringer. Patent law also encourages pharmaceutical companies to do more and more research over their drug and to make profit from licensing their patents. As a result, such a patenting system is considered the foundation of the Indian pharmaceutical sector in many ways.
