ABSTRACT

Intellectual property rights have arisen as a result of the creation, innovation, and commercial worth. Patents are a kind of intellectual property that bestows rights onto an individual for their creation of a product or technique that has commercial worth. The notion of a patent is not novel. Inventions have been numerous throughout history. They are highly valuable intellectual property assets for their owners, granting them exclusive rights to prohibit others from using, selling, or distributing the inventions once they obtain patent protection. This protection typically lasts for a minimum of 20 years from the date of filing the patent application.

For millennia, farmers worldwide have been actively choosing and preserving various agricultural plant kinds, therefore making substantial contributions to the conservation and advancement of new crops. They have a key role in several domains, notably in food production, preservation of traditional knowledge, and conservation of a country’s ecological variety. While intellectual property rights safeguard the motivations of plant breeders in creating novel plant varieties derived from farmers’ varieties, the custodians of plant genetic diversity for food and agriculture do not receive adequate protection for their motivations within the current framework of intellectual property protection.

India has the third position worldwide in terms of pharmaceutical manufacture based on volume and ranks 14th in terms of value. The domestic pharmaceutical industry consists of 3,000 pharmaceutical enterprises and 10,500 manufacturing facilities. These findings resulted in the creation of novel life-saving drugs, which need protection via Intellectual Property Rights (IPRs). Patents provide pharmaceutical businesses with exclusive privileges to commercialize medicines and prohibit others from producing, vending, or manufacturing these medications for a duration of 20 years. Intellectual property rights (IPR) are essential for pharmaceutical enterprises to discover, strategize, market, and safeguard their innovations. Additionally, it serves as a vital instrument for protecting investments, time, and effort, while also fostering fair competition, which in turn drives industrial advancement and economic well-being. Intellectual property rights (IPRs) also incentivize pharmaceutical enterprises to allocate funds towards research and development.

This paper work focuses upon rights of patent holders and its implications in agriculture and medical fieldwork. The researcher details about what are IP rights and what are the different IPR. The focus is upon patents and patent in agriculture and pharmaceutical industry.