PHARMACEUTICAL INDUSTRY PATENTING SYSTEM
In spite of the fact that it operates under rigorous price-related rivalry and government price regulations, the pharmaceutical sector in India is a technologically advanced industry that has shown signs of expansion over the course of the previous three decades. It would be beneficial to undertake a concise analysis of the primary regulation and the economics of patents6 in order to gain an understanding of the concerns that are related to the pharmaceutical business. A patent is a particular privilege that is awarded to the creator of an invention, allowing them to construct, manufacture, employ, and advertise the creation, provided that the innovation satisfies certain conditions that are defined in the law. There are certain selective rights that state that the innovation cannot be used, manufactured, marketed, or manufactured by anyone else without the consent of the patent holder. With the exception of the fact that it can be transferred, the patent in India is only valid for a period of twenty years and cannot be renewed. A country is able to create and advertise an innovation in that country that is connected with protected data lines when the patent is designated in that country. Additionally, organisations are able to supply the significance associated with the profits of their finances in research and development when the patent is designated in that country. Additionally, many nations in the southern regions of the world have struggled to make patents available for pharmaceutical products. This is occurring at the same time that patenting in the pharmaceutical business is becoming more commonplace in the northern portions of the world. [1]
Patents that are primarily concerned with treatments for medical conditions are known as pharmaceutical patents. The active medications, innovative formulations, and strategies that are utilised are all included in it. [2]As a result of the fact that public health has always been at the forefront of any government’s concerns, a significant amount of attention is placed on the availability of pharmaceuticals, which in turn leads to an increase in the price that society is ready to pay for that drug. This issue has been resolved as a result of the contract on Trade-Related Aspects of Intellectual Property Rights, which ensured that a blanket period of twenty years would be in place. The concept of compulsory licencing was also introduced as a result of this contract, which was draughted with the understanding that it is essential for pharmaceuticals to be accessible in regions that are experiencing growth. Therefore, patent protection for drugs is a prime example of changing the period of the patent while simultaneously making it accessible to the public. [3]
[1]Deepak Kumar Dash, Riya Vaiswade, et.al., “A Review on the Indian Patent System and its Implication on the Pharmaceutical Industry” Journal of Health Science and Medical Research (2022).
[2] Ibid
[3] Id 63