Call For Paper Volume:7 Issue:9 Sep'2020 |


Publication Date : 17/01/2017

DOI : 10.21884/IJMTER.2017.4010.MJEXA

Author(s) :


Volume/Issue :
Volume 4
Issue 1
(01 - 2017)

Abstract :

ABSTRACT Intellectual Property Rights (IPR) has been defined as ideas, inventions, and creative expressions based on which there is a public willingness to bestow the status of property. IPR provide certain exclusive rights to the inventors or creators of that property, in order to enable them to reap commercial benefits from their creative efforts or reputation. There are several types of intellectual property protection like patent, copyright, trademark, etc. Patent is recognition for an invention, which satisfies the criteria of global novelty, non-obviousness, and industrial application. IPR is prerequisite for better identification, planning, commercialization, rendering, and thereby protection of invention or creativity. Each industry should evolve its own IPR policies, management style, strategies, and so on depending on its area of specialty. Pharmaceutical industry currently has an evolving IPR strategy requiring a better focus and approach in the coming era. Indian pharmaceutical industry is growing at the faster rate. On the other hand, Indian pharma companies are looking for global business opportunities in the form of export business, contract research and clinical trials. Many Indian companies started realizing the importance of Intellectual Property Rights. The volume of money spent on R&D also growing to a greater extent. There are many challenges faced by the Indian pharma companies’ right from their initial investment to strengthen their R&D and up to obtainment of Patent and other IP Protection for their new innovations. There are many legal formalities are to be carried out for drug discovery, documentation, clinical trials etc., Cost of investment, expiry of patented drugs, lack of clinical trials, more legal formalities, complications in obtaining IP Protection are the major problems faced by Indian Pharmaceutical Companies. This study mainly focused on both the problems encountered by the companies as well as the opportunities available for Indian Pharmaceutical Companies in the form of IPR. The common problems associated with IPR with special reference to Indian Pharma Companies led to greater opportunity for this study. As Indian pharmaceutical companies start truly investing in R&D and developing their own molecules available for patenting, it is undeniable that they will want to protect their innovation through patents. Therefore, the Indian government ought to be promoting and protecting patents of multinational companies too. Patent protections and other forms of Intellectual Property (IP) rights are important for industry and R&D. Without strong protections companies, especially pharmaceutical companies do not have incentives for R&D or developing new, innovative drugs. Key Words Used: Intellectual Property Rights, Patent, Research & Development, Clinical Trials, Copyrights, Generic Drugs etc.,

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