Impact Of Trips Agreement On Indian Patent Law
Intellectual property protection plays a very important role in India. Over the past two or three decades, a number of changes have been made to IP policy and regulation in India to strengthen the protection of intellectual property, i.e. patents, trademarks, copyrights, design and geographical indications. India signed the TRIPS Agreement in 1994, which entered into force on 1 January 1995. In India, pharmaceutical patents were not granted until 1995, which changed after the entry into force of the TRIPS Agreement and led to the 1995 amendment to the Patents Act 1970. Section 5 of the Patents Act 1970, which provides that patents are granted only for processes or processes and not for products, was abolished after the 2005 amendment, and that is why the patent is granted today not only for procedures or procedures, but also for pharmaceutical products that have had a very significant impact on the growth of the economy. A patent is one of the most effective intellectual property rights for achieving economic development. The number of patent applications filed by India in recent days has increased compared to previous years and has therefore led to economic growth. At present, multinationals based in India have clearly demonstrated the impact of intellectual property on the growth of the global economy.
Indian pharmaceutical companies are the third largest in the world due to the production of generic drugs at very low prices and the export of these drugs to many countries such as Africa, Latin America and other Asian countries, as production costs in India are very low compared to the United States and Europe. According to the WIPO (World Intellectual Property Organization) report, pharmaceutical patent application is the second most important topic in India, which was overtaken after 2005, when India passed the Law Allowing Product Patents. India`s pharmaceutical industry grew from $6 billion in 2005 to $30 billion in 2015 and is expected to reach $55 billion by 2020. Previous multinational enterprises were not interested in including research and development as a process in India, due to many issues, especially with regard to the implementation of IP legislation and the risk of infringements at a preliminary stage. . . .